TruAmerica Multifamily Sells Suburban Seattle Community

The buyer of the 249-unit Class B asset funded the acquisition with a $30 million Freddie Mac loan originated by CBRE.
Park 120

TruAmerica Multifamily has sold Park 120, a 249-unit Class B community near Seattle, to ColRich Multifamily for $40.3 million, according to Yardi Matrix. CBRE originated a $30.2 million Freddie Mac acquisition loan for the buyer. The financing package matures in 2034.

The asset last changed hands in December 2015, when FPA Multifamily sold the community as part of a larger, $105 million transaction, which included four other properties in the Seattle and Portland, Ore., metro areas. Following that deal, TruAmerica invested $10 million in capital improvements across the entire portfolio.

Located at 120 W. Casino Road in Everett, the garden-style community’s buildings are situated on 4 acres, half a mile from Washington Route 526 and 30 miles from central Seattle. A number of major employers, including Boeing and the Fluke Corp., have campuses within a couple miles of the property. The Evergreen Way retail corridor is a short distance away, home to a Fred Meyer-anchored retail center.

Park 120 contains one- and two-bedroom apartments, with floorplans between 651 and 986 square feet. The property’s amenity mix includes a swimming pool, playground, fitness center, business center and clubhouse. As of January, the asset was 93.6 percent occupied.

The deal marks ColRich’s third multifamily acquisition in the past 12 months, per Yardi Matrix data. The company’s highest concentration of units—nearly 4,500—are located in the Denver metro.

Image courtesy of Yardi Matrix