Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Woodbrook, a 100-unit apartment property in Everett, Washington. The property sold for $31.3 million, which represents $312,750 per unit.
“Located in one of the top multifamily markets in the nation, Woodbrook was owned and managed by the seller for 17 years,” said Philip Assouad, IPA executive director. “The acquisition gives the buyer an opportunity to take advantage of operational upside and implement a cosmetic value-add investment strategy.” Assouad, IPA’s Giovanni Napoli, Ryan Harmon, and Nicholas Ruggiero arranged the transaction on behalf of the seller, Woodbrook Investment Partners L.P. and procured the buyer, Amoroso Companies.
The property is located just off Interstate 5 within easy commuting distance of Seattle’s downtown core, the Eastside’s technology hub, and Boeing’s main production facility in Everett. Residents can easily access some of the region’s largest employers, including Amazon, Boeing, Facebook, Google, Microsoft, and the University of Washington. Safeway, Costco, Trader Joe’s, WinCo Foods, Walmart, Target, and the Everett Mall are within five minutes of Woodbrook.
Built in 1990 on nearly five acres, Woodbrook has eight, three-story residential buildings, one two-story townhome duplex with attached two-car garages, a central leasing office and clubhouse. Additional community amenities include an outdoor pool and spa, barbecue and picnic areas, a playground, dog washing station, and several parking options. The unit mix is one-, two-, and three-bedroom apartment homes with wood-burning fireplaces and private decks or patios that average 999 square feet.