Lowe Enterprises Acquires Garden-Style Apartment Complex in Everett
- Mar 10, 2014
Lowe Enterprises recently ramped up its activity in the Pacific Northwest, becoming the latest to close a commercial-sector real estate deal in the area. The real estate investment management services company purchased Covington Farms, a multifamily complex in the city of Everett, 25 miles from Seattle, on behalf of an investment client. ARA Northwest representative Gail Neuburg handled the transaction on behalf of the seller.
Located at 10115 Holly Drive in Everett’s Paine Field area, the Covington Farms garden-style apartment community totals 352 residential units. The complex offers residents one-, two- and three-bedroom apartments, and an amenity package that includes a clubhouse, a fitness facility that also offers a basketball court, indoor and outdoor pools, as well as an outdoor gathering area for barbecues.
Covington Farms had an occupancy rate of approximately 95 percent at the time of the transaction, according to a press statement. Built in 1989, it has been managed by Greystar, which will continue to handle management duties under the new ownership.
Lowe is set to continue its activity in the Pacific Northwest, with plans to break ground this year on a 169-unit condominium project at 1321 Seneca on First Hill. Other ventures during the past few years have included the acquisition and renovation of the Red Lion Hotel on Fifth Street, as well as development of two hospitality properties with joint venture partners: Suncadia Resort in Cle Elum, Wash., and Sunriver Resort in Central Oregon.
Photo credit: covingtonfarmsliving.com