By Adina Marcut
Freshwater Investments, a real estate investment firm offering individual investors opportunities to co-own multifamily properties, has acquired The Stinson Apartment Homes, a 93-unit community located in Everett, Wash., for $16.8 million. Chris Ross of HFF’s Seattle office represented the seller.
Located at 133 124th SE St., the property is within walking distance of a popular retail plaza, a 10-minute drive from a Boeing factory and about 30 minutes from downtown Seattle. The two- and three-story buildings offer one-, two- and three-bedroom units ranging from 718 to 923 square feet.
Built in 2000, The Stinson Apartment Homes features amenities such as a recently upgraded clubhouse, a fitness center, a swimming pool, a spa and a total of 110 parking spaces. According to data provider Yardi Matrix, the community last traded in 2015, when Fowler Property Acquisitions bought the property for $10.6 million, or $113,978 per unit.
“Based on strong demographic and economic trends, I have high confidence investing in Seattle and neighboring cities. This addition to Freshwater portfolio is in line with our strategy of buying value-add properties in solid markets and generating stable cash flow for our investors.” Alex Rozenfeld, Freshwater Investments founder & managing partner, said in a statement. “We assumed the long-term Freddie Mac loan with the favorable rate, which will allow us to start investors’ distributions almost immediately.”
Recently, HFF closed a $50 million loan for the acquisition of Capodagli Property Co.’s Meridia Metro, a 222-unit community in Hackensack, N.J.
Image courtesy of Yardi Matrix