Park Place Apartments, a luxury senior living complex in Everett, sold on December 21st to a company affiliated with the Bellevue-based Xiao Family Trust for $11.28 million in a deal from Trimark Property Group, based in Pacific, WA. The per unit price comes out to $132,706.
Park Place Apartments, located at 3515 Hoyt Ave., is an 85-unit luxury community in Everett serving senior citizens ages 55 and up. Originally built in 1965 as a nursing home, the complex was completely remodeled in 2015 to become residential apartments. Each unit is equipped with amenities such as stainless steel appliances, custom interior finishes, quartz countertops, wood cabinets, wood flooring and double pane vinyl windows throughout. The building also features onsite amenities including social rooms, a common laundry room, private patios and 65 carports. Bedrooms include studios, one-bedrooms and a plus den option and two-bedrooms. The current rent prices range from $695 to $950 monthly, according to the property’s Web site.
CBRE Capital Markets exclusively offered the sale and provided additional information including the initial asking price of $11.39 million with the per price unit at $134,000 and the year one cap rate at 6.10 percent. The actual sale price was just shy of the asking price by $110,000.
Prior to the December 2016 sale, Merrico Trust sold the building to Trimark in September 2014 for $1.45 million. While the price tag seems low compared to its current value, The Herald Net reports the original building used to be a nursing home built by Kirkland architect C. Raymond Merriwether, which was later sold and subsequently shut down because it owed money for overpayments of Medicare and Medicaid. As a result, the building became dilapidated and was frequented by squatters.
Other apartment complexes have been recently purchased in the Everett area. Rise Properties purchased Artesia by the Lake, a 192-unit complex for $40.4 million. Glen North Creek, an 87-unit apartment community sold for $14.1 million.