Thayer Manca Residential (TMR) has sold Atwater Clearing Apartments in Everett, WA for $40,200,000. Seattle-based TMR purchased the 198-unit, garden style property with a serene lakeside setting in September 2015 for $26,365,000.
With $4,200,000 in renovations, the newly rebranded Atwater Clearing Apartments now presents an impressive amenity package including a resort-style pool, BBQ grilling areas, 24-hour access fitness studio, community clubhouse and demonstration kitchen, children’s playground, pet park, and fully automated entry gates. Additionally, 171 units received comprehensive interior upgrades and 66 units were retrofitted with washers and dryers.
“Atwater Clearing is within walking distance of the planned Everett Link Extension stop and located just minutes from the new commercial passenger terminal at Paine Field,” says Bruce Thayer, TMR Principal. “This asset is directly int he path of progress.”
Atwater Clearing is located at 12402 Admiralty Way, Everett, WA.
This is the second sale for TMR in Everett, having sold the 223-unit, Hangar 128 Apartments in 2017. Hangar was acquired for $26,910,000 in 2014 and later sold for $44,250,000.
About Thayer Manca Residential LLC
Thayer Manca Residential LLC (TMR) is a multifamily investment firm, specializing in value-add opportunities. Based in Seattle, WA, TMR has closed over $1B in transactions throughout the western U.S. from Alaska to Texas. TMR is driven by a commitment to protect and grow investor capital, while delivering safe, clean and inspired homes. Using disciplined business practices and a hands-on asset management style, TMR has generated outstanding partnership returns without a single capital loss in the company’s 35+ year history.