In the latest high-profile Puget Sound multifamily sale, Heitman Capital Management acquired the 352-unit Covington Farms apartment complex for $42.78 mil ($121.5k/unit). The property is at 10115 Holly Dr, west of I-5 and Evergreen Way, on the east side of Paine Field-Snohomish County Airport.
Covington Farms Apartments is situated on approximately 16 acres in Everett and is located just four miles from downtown Everett and minutes from Boeing. Marketed as a value-add opportunity, the property attracts residents looking for well-located, affordable apartments. Amenities include: covered parking/garage, washer/dryers, indoor pool/sauna/Jacuzzi, high-speed Internet/business center, fitness center/indoor basketball court, deluxe kitchens with microwaves, full health club facility and free tanning.
Floorplans at Covington Farms include one-bedroom/one bath, two-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath units. Rents range from $795 up to $1,125 per month.
Jon Hallgrimson of CB Richard Ellis represented the seller, a venture of FSC Realty and JER Partners, in the transaction. According to Hallgrimson, “The value-add property is in a prime Everett location, and should benefit from the future increase in aircraft production.”
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