A national real estate investment firm has purchased three Snohomish County apartment complexes with the intention of improving both the properties and their management.
Atherton-Newport Investments LLC bought the Woodside Crossing apartments on 85th Place SW in Everett, Keeler Creek Apartments on 48th Avenue W. in Lynnwood and the Summer Mill complex on North Road near Mill Creek.
The Irvine, Calif.-based firm also bought four other apartment complexes in the Puget Sound area in the $114 million transaction.
According to county property records, Atherton-Newport spent nearly $38 million of that total on the three local properties, which contain 440 units in all. The sellers were unidentified private investors.
“That market continues to improve. We really see good job and population growth,” Peter Wall, Atherton-Newport’s vice president of acquisitions, said in a phone interview. “It’s been very favorable to apartment owners up there.”
Not only are there more renters, but a significant number of existing apartments in the region are being converted to condominiums, which has further tightened the supply of rental units. That’s especially true with the complexes close to the Keeler Creek and Summer Mill properties, Wall said.
At this point, that’s not Atherton-Newport’s plan for its newly acquired complexes, Wall said. The firm specializes in buying underperforming rental properties, upgrading them and putting in new management to improve their returns to investors.
In this case, Wall said the firm has budgeted $10 million for improvements to the seven properties it bought.
Woodside Crossing in Everett, built in 1980, has 216 apartments near the Boeing Co. factory. Summer Mill has 124 units built in 1989, and Keeler Creek consists of 100 units also built in 1989, according to property records.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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