By Jack Stubbs
Investment into multifamily product continues throughout the Puget Sound region, even into smaller assets. In a transaction that closed on Sept. 23, the Lakeview Townhomes and Lakeshore Townhomes apartment complexes in Lake Stevens sold for a combined $23.4 million, according to Snohomish County records.
The buyer was FAC Lake Stevens LLC, an entity based in Spokane, and the seller was CEP III – Lake Villa 20 LLC based in Everett.
Together, the two assets have a combined 67 units, with the Lakeshore the larger of the two. According to Apartments.com, the complex is a mix of 52 two- and three-bedroom units, with rents ranging from about $1,425 per month up to $1,610 per month. The Lakeview Townhomes, which is located at 2109 123rd Ave, was built in 1985 and includes 15 two-bedroom townhomes.
As reported by The Registry at the time of the previous sale of the two-property apartment portfolio, the properties sold for a combined $12.75 million in September 2020.
Philip Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske at Institutional Property Advisors represented the seller in that deal.
There have not been too many multifamily property sales in Lake Stevens in recent months. However, one transaction earlier this year demonstrates that Lake Stevens – which is located roughly six miles east of Everett and borders the cities of Marysville to the northwest and Snohomish to the south – remains an intriguing proposition.
In April 2022, The Shidler Group acquired the Park on 20th Apartments in Lake Stevens for $76.35 million, or roughly $391,538 per unit, from an entity affiliated with Evergreen Housing Development Group, according to The Registry’s reporting.