Home Finance Rise Properties Buys Everett Apartment Complex for $40.4MM

Rise Properties Buys Everett Apartment Complex for $40.4MM

Everett Puget Sound Rise Properties Trust Fairfield Residential CBRE Capital Markets Seattle Glen North Creek Meridian Glen Priderock Capital Partners Randolph Street Realty Capital Waterfront Place

Everett is now in sights for apartment investors in the greater Puget Sound region. Last week, Rise Properties Trust scooped up the 192-unit Artesia by the Lake complex for $40.4 million, or around $210,416 per unit. The seller of the property located at 11225 19th Ave. SE in Everett was San Diego-based Fairfield Residential, according to public documents.

CBRE Capital Markets provided acquisition financing in the amount of $26,250,000, which matures in January of 2024.

The complex is comprised of a mix of one, two and three bedroom apartments, and amenities in the units feature fireplaces and in-home washers and dryers. The apartments are located in proximity to Silverlake Waterfront Park, which offers outdoor activities for the residents.

Rise is a Seattle-based owner of over 10,000 apartment units. It handles all acquisition, redevelopment and management in-house, and according to its Web site, it focuses its assets toward the Echo Boomer (Millennial) generation.

Artesia is the second apartment complex to trade in as many weeks in Everett. Earlier in the month, Glen North Creek, formerly known as Meridian Glen, a 87-unit apartment community located at 12115 Meridian Ave S in Everett, sold for $14.1 million, or just over $162,000 per unit. The buyer was West Palm Beach, Fla. -based Priderock Capital Partners, and the seller was Randolph Street Realty Capital, a multifamily investment and management firm based in Chicago.

Everett itself has most of its future developments focused around the redevelopment of the Port of Everett, a $350 million project to redevelop its 65-acre North Marina property, Waterfront Place, that will offer over 300,000 square feet of retail, office, restaurant and hotel spaces, along with 660 new residential units.

Another proxy market is in Bothell, just south of Everett, which has seen a number of recent sales, as well. In October Griffis Residential, a Denver-based multifamily investment and management firm, has purchased Bridges at Northcreek, a 524-home multifamily community located at 20225 Bothell Everett Highway for $145 million, or $276,717 per unit, from Grosvenor Americas. And in downtown Bothell Vancouver, BC-based Belkorp Holdings purchased the 203-unit Six Oaks mixed-use development for $63 million or $310,344 per unit.