By Meghan Hall
As the Puget Sound grows, investors are looking further outside of Seattle’s core to invest. In recent weeks, a number of multifamily assets in Snohomish County have sold, and another deal has closed, adding to the list. According to public records, an entity affiliated with Alliant Strategic has paid $45.55 million, or about $215,876 per unit, for the Eagle’s Landing Apartments in Everett, Wash. The seller was a Calabasas, Calif.-based entity affiliated with The Ezralow Company.
The asset is located at 12601 8th Ave. W. Apartments.com indicates that the property has a mix of studio, one- and two-bedroom units that range in size from 425 to 850 square feet. Monthly rents start at just over $1,400 per month. Apartments are equipped with decks or terraces, fireplaces, hardwood-like floors, and more. In all, the asset totals 211 units.
Community amenities include a library room, heated swimming pool, courtesy patrol and free parking. The community was originally built in 1987, and despite its age, has to keep a waiting list due to its popularity, according to the property’s description online.
The property’s new owner, Alliant, is the sister company of Alliant Capital. Alliant Capital focuses on the development of affordable housing through the use of low-income housing tax credits. Currently, the firm has $15 billion of assets under management and has raised $8 billion in equity over its more than 20 years in business. According to the company’s website, the company has housed more than 400,000 families.
Most recently, Walker & Dunlop announced that it intends to acquire Alliant in order to expand its capital solutions offering and affordable housing platform. Through the acquisition, Walker & Dunlop expects its 2022 total revenues to increase from $90 to $100 million and grow its affordable housing lending capacity to more than $60 million.
Walker & Dunlop will acquire Alliant for a total of $696 million, according to the companies. The transaction is comprised of several components, including $351 million of cash and assumption of Alliant’s securitized debt, $155 million paid in July of 2021 at a 4.5 percent interest rate, $90 million of WD common stock, and $100 million of earn-out.
“Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country,” said Walker & Dunlop Chairman and CEO Willy Walker when the deal was announced. “The addition of their people, assets, and capital formation capabilities immediately makes Walker & Dunlop a market leader in affordable housing — lending, sales, and tax credit syndication.”