Home Finance Section 8 Housing Development in Everett Sells for $33.3MM

Section 8 Housing Development in Everett Sells for $33.3MM

Section 8, Trailside Village, Everett
Trailside Village apartments in Everett | Photo: lowincomehousing.us

By Brittan Jenkins

Torrance, CA-based Preservation Partners Development/Management Group, associated with William Szymczak, sold a Section 8 housing development, Trailside Village, at 1308 100th Pl SE. in Everett for $33.3 million, or roughly $133,200 per unit, to Trailside Preservation LP which includes Trailside Cornucopia LLC and Trailside Preservation Partners LLC, also associated with William Szymczak and Irene Rivas.

Snohomish County public records show $1.25 million was deducted in personal property resulting in a taxable selling price of $32,050,000.

The apartment complex is a low-income, Section 8 housing development with 250 total units with 240 of them rent-assisted units. The units span across two-story buildings and offers one, two and three-bedroom units ranging from about $810 to $1,468 per month. The majority of the units at the complex are two-bedroom, with 149 units, followed by one-bedrooms with 67 units and finally three-bedrooms with 24 units. Apartments.com lists the property as being built in 1970 and includes a clubhouse and laundry services.

Szymczak’s group purchased another Section 8 housing development in Everett, Parkside Apartments, at the end of February 2017 for $39 million, or approximately $193,000 per unit. The complex is a multi-family, very low-income housing at 900 West Casino Road. Currently, the building operates under HUD’s Project Based Section 8, 236 programs and Section 42 program. That development was built in 1970 and is a two-story apartment complex with 202 subsidized units, 21 of which are one-bedrooms, 111-two-bedrooms, 59 three-bedrooms and 11 four-bedrooms, according to HUD’s website. The facility also includes a clubhouse, a daycare center, a playground and a laundry area.

William E. Szymczak is the founding managing partner of Preservation Partners Development (PPD) and sits on the board of directors at the Institute for Responsible Housing Preservation, which is headquartered in Washington, D.C. According to a release from LINC Housing Corporation, a California nonprofit developer of affordable housing, Szymczak, through PPD, has acquired, rehabilitated and preserved more than 30 Section 8 housing projects with more than 3,000 units and about 10,000 very low income residents.

A March 2016 report from the U.S. Department of Housing and Urban Development Seattle Regional Office states that in order to qualify for low-income housing, residents in Snohomish County must make $48,550 for one person and no more than $62,400 for three people in a household. To quality for very low income, individuals must make $31,650 for one person and no more than $40,650 for three people.