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October 05, 2017

155 Snohomish units sell for $35M

Seattle Daily Journal of Commerce

LYNNWOOD - The Martha Lake Apartments, at 16626 Sixth Ave. W., have sold for $34.8, according to Snohomish County records.

The seller was WRPV XII Martha Lake Lynnwood LLC, which acquired the property in 2014 for $20.3 million.

The buyer was SRGMF II 6th Avenue West Lynnwood LLC, which is associated with the Sares-Regis Group of Irvine, California.

Developed on 8.3 acres in 1991, the complex has 155 units in several three-story buildings. Parking is both surface and covered. Amenities include an outdoor pool, fitness center and clubhouse.

The apartments are in the Martha Lake region of Mill Creek, about a mile northeast of Alderwood Mall and the Interstate 5 - Interstate 405 junction.

Philip Assouad and Giovanni Napoli of Kidder Mathews represented the seller. The transaction was worth about $224,516 per unit.

Privately held Sares-Regis, or SRG, says it invests only on the West Coast and in Denver. Last fall, it sold the 96-unit Summit apartments in Redmond for $29.5 million. Soon after that sale, it bought the 238-unit Solara in Lake City for $65 million.

SRG says it has $4 billion in assets under management, including 15,000 apartments.

For the full story, go to Seattle Daily Journal of Commerce.

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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