Home Finance The Carlyle Group Acquires 232-Site Glenwood Mobile Estates Property in Marysville for...

The Carlyle Group Acquires 232-Site Glenwood Mobile Estates Property in Marysville for $27.6MM

By Jack Stubbs

In late November 2019, in a transaction which only recently was recorded, the Glenwood Mobile Estates property in Marysville sold for $27.6 million, Snohomish County records show. The buyer was CPI Glenwood Owner LLC, an entity affiliated with David B. Daniel of The Carlyle Group, a firm based in Washington, D.C. The seller was Glenwood Mobile Estates LLC based in Olympia, WA. The transaction was recorded on January 2nd. 

Glenwood Mobile Estates, located at 5900 64th St. NE, was built in 1970 and comprises 232 individual mobile home sites, according to the property listing on mhvillage.com. The age-restricted (55-plus) community offers off-street parking. 

The property is roughly two miles east of Marysville via State Route 528 and is just under three miles from access to Interstate-5, which connects Marysville with other Snohomish County cities to the south like Everett and Mill Creek, which is due southeast. 

Earlier this year, in April 2019, multinational private equity firm The Carlyle Group snapped up a 100 percent owner-occupied land-lease community near SeaTac for $51.2 million—which was for he Bow Lake Retirement Community located at 18050 32nd Ave. S.—from Bow Lake Inc., an entity associated with Spokane, WA-based First Commercial Properties. 

There have not been all that many commercial- or residential transactions in the city of Marysville in recent quarters, although a couple of assets have changed hands. In October 2019, eight adjacent land parcels sold for $12.7 million, with Shoreline, WA-based EGL Properties LLC acquiring the land from Irvin Family LLC based in Marysville.

In August, Franklin, TN-based Community Healthcare Trust Inc., a full-service healthcare real estate company that operates a portfolio of healthcare facilities across the U.S., parted with $27.5 million to acquire the 115-Bed Smokey Point Behavioral Hospital–located at 3955 156th St. NE–from New York-based US HealthVest. 

In mid-June 2019, Vector Development Company, a Pacific Northwest commercial real estate development firm, announced the start of construction on MI-5 Business Park, a two-building located at 4000 156th St. NE. Part of the Arlington Marysville Manufacturing Industrial Center (AMMIC), the $32 million development is set to be leased to distribution and manufacturing tenants, and will hope to capitalize on its prominent location in Marysville.