<< Previous   of   Next >> Contributed photo  (click to enlarge) The Kent-Prairie Apartments in Arlington recently sold for $9.03 million, the highest sales price for an apartment complex in Snohomish County since 2008.

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CONTACT SCBJ Kurt Batdorf, Editor kbatdorf@scbj.com

Arlington apartment complex sells for $9 million

By Kurt Batdorf
SCBJ Editor

ARLINGTON — The 109 tenants at Kent-Prairie Apartments have a new but familiar landlord.

Coast Equity Partners LLC bought the complex for $9.03 million, the highest purchase price for any apartment in Snohomish County since 2008. Coast|Sperry Van Ness of Everett brokered the deal.

Coast Real Estate Services of Everett managed the property in the 1990s until its sale to Grandview Homes so it was familiar with the property, said Tom Hoban, Coast Real Estate CEO.

Josh Jansen, senior advisor and head of the Jansen Multifamily Team at Coast|Sperry Van Ness, coordinated the sale.

While Coast|Sperry Van Ness, Coast Equity Partners LLC and Coast Real Estate Services all operate from the same Everett building, Jansen said Coast Equity Partners had to compete with other buyers to purchase the building. “The strength of the buyer is still most important” said Jansen. “Ultimately, the buyer decides whom they want to sell the property to and today the buyer’s ability to perform is paramount”.

Several potential purchasers submitted valid offers on the apartment complex, he said.

Hoban said the purchase speaks to the strength of Coast Equity Partners.

“It’s a solvent entity,” he said. “We’re able to still acquire assets and secure loans.”

Among the minority investors is Dino Rossi, the former Republican gubernatorial candidate who lost to Gov. Chris Gregoire in 2004 and 2008 and is now running for U.S. Senate against Patty Murray, D-Wash.

Hoban said he was attracted to Kent-Prairie Apartments because of the high ratio of 2.2 jobs per household in the Arlington area. Major employers nearby include Cascade Valley Hospital, numerous businesses in the industrial area around Arlington Airport, the Tulalip Casino and retail stores.

Kent-Prairie also offers a good lifestyle, Hoban said, with a grocery store and elementary school within walking distance and a trail that connects the apartments to Arlington High School.

“At the end of the day, people still have to have shelter,” he said. “That’s why we like apartment buildings right now.”

Mike Harmon, president of Coast Equity Partners, the group that bought the property, said the transaction is a statement about which cities in Snoho¬mish County are attracting investment.

“We look to invest in cities that have a culture and pattern of growth, consistent job creation, quality schools, good public-private relationships and other amenities. Arlington has all of those features,” he said. “This is not our first investment in Arlington. We have an interest in a medical office building there and it has performed well for us. Adding a quality multifamily community like the Kent-Prairie Apartments fit nicely.”

Kurt Batdorf: 425-339-3102, kbatdorf@scbj.com.