Sares Regis Snags $39M Seattle-Area Asset
- Jan 19, 2018
Institutional Property Advisors (IPA) has closed the sale of Monterra in Mill Creek, a 139-unit community on the northern outskirts of Seattle. According to public records, Equity Residential sold the property to Sares Regis Group for $39 million.
Located at 13401 Dumas Road, in Mill Creek, Wash., the community is situated on the southern edge of Snohomish County. The site is easily accessible from Interstate 5 and Interstate 405, connecting residents to Downtown Seattle, the Boeing plant and the High-Tech Corridor.
Monterra in Mill Creek was completed in 2003 and provides one-, two- and three-bedroom apartments, with an average unit size of 974 square feet. According to Yardi Matrix, common amenities include a fitness center, clubhouse, swimming pool and spa.
IPA’s team, comprising Executive Director Pete Shelton and Senior Director Kim Grant, represented the seller and procured the buyer.
“The Monterra in Mill Creek acquisition gives new ownership the opportunity to substantially increase revenue through expiration of below-market leases, while participating in the aggressive rent growth currently being experienced and projected to continue in Mill Creek,” said Shelton, in a prepared statement. “The city’s population is expected to grow over 10 percent by 2021 and renter-occupied housing is expected to expand by 14.5 percent.”
Image courtesy of Yardi Matrix