EVERETT – A California property firm has purchased the 264-unit North Creek apartment complex in south Everett for $16.1 million.
Fowler Property Acquisition bought the property at 11401 Third Ave. SE from Equity Residential Property Trust, a national landlord based in Chicago.
Dave Schumacher of Bellevue-based Columbia Partners LLC, who brokered the deal, said Equity sold the 18-year-old complex as part of an effort to upgrade the firm’s collection of properties.
The price Fowler paid translates to about $61,000 per unit, well below the per-unit price of other recent apartment sales in the Everett area. Schumacher said the lower price was warranted because of the age of the complex.
Despite that, he said, the units are in good shape. All units at North Creek Apartments have two bedrooms. Rental rates start at just below $700 a month, according to Equity’s Web site.
The 18-acre property has covered parking, a playground, recreational facilities and a central clubhouse. Equity Residental oversaw major renovations to the complex two years ago.
The new owner plans to add some garages and make cosmetic upgrades, said Dan Kaplan, who oversees multifamily investments for Fowler.
Kaplan said the Larkspur, Calif., company already owns about 2,000 apartment units around the Northwest, including apartments in Lynnwood.
“We’re definitely optimistic on the long-term future. Seattle’s poised for a recovery,” he said.
About 90 percent of North Creek’s apartments are occupied, he added.
Equity Residential remains a large property owner in Snohomish County, even without North Creek Apartments.
In May, the company purchased the 389-unit Jefferson at Mill Creek apartment complex for more than $51 million, making it one of the county’s largest commercial transactions. In total, Equity owns more than 10,000 apartment units in the Puget Sound region
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
