Thayer Manca Trades Seattle-Area Asset for $40M

The company first acquired the asset in 2015 and invested $4.2 million in interior and exterior renovations.
Atwater Clearing Apartments. Image courtesy of Thayer Manca Residential
Atwater Clearing Apartments. Image courtesy of Thayer Manca Residential

Thayer Manca Residential has sold Atwater Clearing Apartments, a 198-unit community in Everett, Wash. for $40.2 million. The seller acquired the asset from Security Properties in 2015 for $26.4 million, according to Yardi Matrix data. 

Prior to the deal, the seller had invested $4.2 million in capital improvements at the 1986-built community, renovating units and adding amenities such as a swimming pool, 24-hour fitness center, clubhouse, playground, pet park and demonstration kitchen. Earlier in October, Thayer Manca completed renovation work on two multifamily assets totaling 464 units in Albuquerque, N.M.

Located at 12402 Admiralty Way on 12.7 acres, Atwater Clearing is near a variety of dining, shopping and entertainment options including CVS, Wendy’s, Starbucks, Walmart, Paine Field Community Park and Lake Stickney Park. The asset’s 11 three-story buildings have a mix of one-, two- and three-bedroom units ranging from 570 to 1,115 square feet. The community was 97 percent occupied as of September with rent averaging $1,576, Yardi Matrix data shows.