S. Everett apartment complex sells
Published 9:00 pm Monday, February 6, 2006
EVERETT – Apartment investors are off to a fast start this year in Snohomish County, attracted by rebounding times at the Boeing Co.’s Everett plant and strong demand for rental housing.
The latest big apartment complex to change ownership is Turnberry Apartments in south Everett.
The complex, with 221 units at 12404 E. Gibson Road, sold in recent weeks for $21.75 million to Redmond-based Mosaic USA LLC. The seller was Waterton Associates, a Chicago-based investment firm.
Last week, Legacy Partners of California announced its purchase of Mukilteo’s On the Green at Harbour Pointe for $69 million, believed to be the most ever paid for an apartment complex in the county.
Within the past three or four years, vacancy rates at some local apartment properties approached double-digit percentages. That’s turned around drastically at most places, however. In cities such as Marysville and Monroe, the average vacancy rate is less than 4 percent, according to Seattle’s Dupre+Scott Apartment Advisors.
“Everything’s going forward in Everett … and both the rental and condo markets are looking strong,” said David Young of Hendricks &Partners Inc. in Seattle, who represented Turnberry’s seller.
Rents at Turnberry range from $680 for a one-bedroom unit to $875 for a three-bedroom space. Mosaic could not be reached for comment on whether the apartments might be converted to condominium units – a trend with local rental properties – or changed in any other way.
The company also owns Fountain Court in Lynnwood, which already has been converted to condos, according to county property records.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
