By Jack Stubbs
Palo Alto, CA-based Pacific Urban Residential (‘PUR’), a West Coast apartment investor, recently made moves to expand its Puget Sound region portfolio.
On October 16th, the company spent $40.2 million, or around $203,030 per unit, to acquire the Atwater Clearing Apartments in Everett, Snohomish County records show. The seller, 198 Partners LLC, shares the same address as Thayer Manca Residential (TMR), a multifamily investment company based in Seattle.
The three-story Atwater Clearing Apartments, located at 12402 Admiralty Way near Paine-Field Airport, was built in 1986 and contains 198 units, according to the property listing on apartments.com. The property offers a mix of one-, two- and three-bedroom renovated units—complete with patio/balcony, wood-burning fireplaces and plank flooring—that range from 570 to 1,095 square feet and rent for between $1,200 and $,1710 per month, according to the its web site.
One of the primary features of the property—which offers residents access to a state-of-the-art fitness center, outdoor swimming pool and outdoor patio area with barbecue–is its proximity to various outdoor recreational opportunities including walking paths along an adjacent lake and green spaces. ‘Atwater Clearing has a look and location unlike any other. Hidden in the trees beside a scenic lake, the amenities here complement the area’s natural splendor while enhancing your lifestyle,’ the web site states.
Atwater Clearing, which is roughly half a mile from Paine-Field Airport and about eight miles south of downtown Everett via Interstate-5, is proximate to several other multifamily properties including Portsmith Apartment Homes; Sutter’s Square Apartments; Eagle’s Landing Apartments; and the Highgrove Apartments.
Founded in 1998, PUR is a private, multifamily investment company that looks to acquire apartment properties in major West Coast markets. Since its founding, the company has acquired over 17,000 apartment units valued at over $3 billion, according to its web site.
According to The Registry’s reporting PUR’s last acquisition in the Pacific Northwest occurred in September 2018, when the company spent $9.2 million, or around $167,272 per unit, to acquire the 55-Unit Terra Tukwila Apartments in Tukwila.
In July 2019, TMR, which focuses on value-add multifamily investments across the Western U.S. and currently controls a $300m portfolio spread over 4 states, sold the 134-Unit Homestead Apartments in Federal Way for $26.5 million, which equates to $197,761 per unit, to a private investor in the South Puget Sound.
In late August, TMR entered the Portland, OR multifamily housing market for the first time with the $20.8 million purchase of Halsey Station, a 124-unit complex near downtown Portland.