As the first half of 2022 slowly dissipates, interest in multifamily properties across the region continues to gain momentum. In a deal that closed today, San Francisco-based Jackson Square Properties sold the 352-unit Olin Fields Apartments located at 10115 Holly Dr. in Everett to Seattle’s Security Properties. The transaction saw the property sell for $120 million, or $340,909 per unit, according to public documents in Snohomish County.
Olin Fields Apartments is an apartment community located just east of Everett’s Paine Field Airport. The property features a mix of one-, two-, and three-bedroom units ranging in size from 759 – 1,248 square feet. One-bedroom units start at $1,903 per month, according to the property’s website on Apartments.com, while the 3-bedroom apartments will go as high as $2,467 per month.
The location is tucked away in a residential area surrounded by other multifamily properties along Evergreen Highway, State Route 99, and it is in close proximity to the Walter Hall Golf Course.
Some of the properties’ amenities include covered outdoor barbecue areas, full-size washers and dryers, garages and an off-leash dog park, to name a few. The units also include fireplaces, hardwood floors and walk-in closets.
Jackson Square Properties is a Bay Area private investment company that focuses on the investment of multifamily properties across the country, according to the company’s website. The company was formed in 2004 to purchase value-added real estate and capitalize on strong multifamily markets. The company is an active buyer and seller in the greater Puget Sound region. In December of 2021, the company spent $92 million, or $425,926 per unit, the acquire the Ambrose, a 216-unit apartment property in Bremerton. In 2017, the company purchased Tria Apartments in Newcastle for $24 million, or roughly $315,789 per unit, and that same year it sold the Arterra Apartments in Everett, for $18.4 million, or $153,333 per unit.
Security Properties has been the region’s stalwart multifamily investor and an active buyer and seller of properties across the region. This year, the company sold two properties, one in Tacoma and one in Bellevue, for $54 million and $175 million, respectively.
Founded in 1969 and headquartered in Seattle, Security Properties’ portfolio continues to grow. According to the company’s website, the company’s portfolio totals 114 assets worth $6.2 billion. The company has also sold 63,000 units for $3.4 billion across 432 different properties. Currently, the company’s active portfolio totals 23,826 units in markets such as California, Texas, Oregon, Virginia, and Pennsylvania among others. In Washington State specifically, Security Properties owns 41 different properties, making the Pacific Northwest one of its most active markets.