Herald staff
A 420-unit apartment complex and nearby developable land in Mukilteo have changed hands, selling for almost $35 million.
Bay Court at Harbour Pointe, located at 11108 Chennault Beach Road, recently was sold to RREEF Funds, a San Francisco group affiliated with one of the nation’s largest investment property owners.
The seller was the Teachers Insurance and Annuity Association of America, a New York-based life insurance company, according to the Snohomish County Assessor’s Office. The company is better known with its partner corporation as TIAA-CREF.
In addition to the complex and 16.5 acres on which it sits, RREEF received an 11.3-acre lot of developable land in the deal. That land, now vacant, is located near the intersection of Chennault Beach Road and Harbour Beach Drive.
When the last appraisal was done four years ago, the assessor’s office listed the value of Bay Court at Harbour Pointe and the undeveloped land at $21.5 million.
RREEF, with corporate offices in San Francisco, Chicago and New York, also owns and manages other residential and commercial properties in the Puget Sound area as part of its large real estate trust holdings.
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