L.A. firm buys Paine Field apartments

By Jim Davis HBJ Editor

EVERETT — A 352-unit apartment complex near Paine Field was purchased by a Los Angeles investment firm that says it’s looking for properties particularly in the West and Northwest.

Covington Farms at 10115 Holly Drive is a mix of one-, two- and three-room apartments that was built in 1989. It is 95 percent occupied.

Lowe Enterprises Investors purchased the property from a Chicago firm for $42.8 million, according to the Snohomish County auditor’s office.

The apartments offer such amenities as a clubhouse, a gym with workout area and indoor basketball court, indoor and outdoor pool, and outdoor gathering area with barbecues.

“Covington Farms is a picturesque garden-style apartment community conveniently located in an area with strong employment from the aviation and tech industries as well as the U.S. Navy and the Port of Everett,” Andy Sands, Lowe Enterprises senior vice president, said in a statement. “We plan to complete unit renovations initiated by the prior owner, as well as upgrades to the clubhouse, pools and indoor and outdoor common areas.”

Lowe Enterprises manages about $7 billion worth of property. It’s developing the 169-unit 1321 Seneca condominium project on First Hill in Seattle, due to break ground in mid-2014.

The firm also has purchased several commercial and hospitality properties in the Seattle area, recently acquiring and renovating the Red Lion Hotel on Fifth Street in Seattle.

Lowe Enterprises is a joint venture partner in Suncadia Resort in Cle Elum and Sunriver Resort in central Oregon. Those properties, as well as the Woodmark Hotel, Yacht Club and Spa in Kirkland, are operated by the firm’s hospitality subsidiary, Destination Hotels and Resorts.