Seattle—In its second area rental property acquisition of the past half year, Lowe Enterprises Investors (LEI) has acquired the 264-unit North Creek apartment community in Everett, Wash. The 25-year-old garden-style apartment community at 11401 3rd Avenue SE features 26 two-story buildings on a 17-acre parcel. The property is currently at the 95 percent occupancy level.
“The seller acquired North Creek Apartments as part of a large portfolio purchase, and it was their only asset in the Seattle area,” Andy Sands, senior vice president, who leads LEI’s multifamily activities, tells MHN. “Given our recent purchase of Covington Farms in the immediate area, we felt [North Creek Apartments] provided us the opportunity to grow our portfolio in the Everett market, and leverage our existing skills and capabilities.”
All units at North Creek are two-bedroom apartments featuring fireplaces, washer/dryers and balconies or patios. Amenities of the community include a pool with sundeck, clubhouse, fitness center, lawn and picnic space, barbecue grills, a basketball court and a playground.
“North Creek is well located near numerous major employers, including Boeing, the Port of Everett and the Naval Station Everett,” Sands says. The property’s residents are near freeways and public transportation, and enjoy proximity to convenient restaurant, retail and entertainment options, including Everett Mall.
Greystar has been retained as property manager. Centerline secured debt financing from Freddie Mac, and Jones Lang LaSalle represented the seller.
LEI will tackle a number of property improvements in the near future. “We plan to renovate the units, upgrade the common areas and refresh the building exteriors and grounds,” Sands reports.
Also in Seattle, LEI is developing the 169-unit Luma condominium project on First Hill, slated to break ground this autumn.
In addition to the acquisition of the 352-unit Covington Farms apartment community, LEI is involved as a joint venture partner in resort developments in Washington and Oregon.
“Multifamily properties continue to be attractive to our investment clients,” says Brad Howe, LEI co-CEO. “We are looking for opportunities to acquire quality assets that can benefit from our hands-on property level experience and value-added investment strategies.”