Coast Equity purchases apartments for $25.5 million

Published 1:30 pm Tuesday, December 9, 2014

EVERETT — Coast Equity Partners, an Everett-based commercial real estate company, has purchased the 152-unit BluWater Apartments in south Everett for $25.5 million from Grosvenor Americas.

Since the economic downtown of 2009, Coast Equity has acquired 1,100 units, said Josh Jansen, Coast Equity’s vice president and head of acquisitions. The BluWater apartments are located at 11311 19th Ave SE.

“(BluWater) really offers everything we look for in an apartment community, including some extras such as Silver Lake, good schools, restaurants, a park-and-ride within walking distance and quick access to the Mill Creek Town Center,” Jansen said.

Coast Equity is a partnership that includes: Jansen; Dino Rossi, a former Washington state senator and long-time real estate investor; Mike Harmon, president; and brothers Tom and Shawn Hoban.

The Hoban brothers also own and operate three related firms under the Coast banner involved in property management, brokerage and construction and rehabilitation.

Before the recession, Coast Equity focused on smaller commercial and office properties in Everett, but the business has ventured into apartments in a big way. Coast Equity now has a total of 1,250 apartment units between Pierce and Whatcom counties.

“We accurately predicted the economic recovery would be a long and choppy one,” Tom Hoban said. “Apartments tend to do well in that type of an environment.”

The BluWater acquisition represents the first apartments the group has purchased in Everett. Jansen said BluWater apartments offers the most in amenities of any of their properties. Jansen said it’s in a walkable neighborhood across the street from Silver Lake with updated units and includes a swimming pool.

It’s also just a short drive from the Mill Creek Town Center.

“It really behaves like a Mill Creek address,” said Jansen, adding that it’s more affordable than Mill Creek apartments.

Grosvenor Americas is a property development and investment business that operates in the Seattle metropolitan area, Washington D.C., San Francisco, Los Angeles, Vancouver, B.C., and Calgary, Alberta.

“The sale of BluWater to Coast Equity Partners was a seamless experience, consistent with their proven track record in transactions such as this. We value the relationship that’s been established between Grosvenor and the professional team at Coast,” said Michael Beattie, chief investment officer for Grosvenor Americas in the statement.