Cushman & Wakefield announced the firm has brokered the sale of a multifamily portfolio consisting of two properties total 49 apartment units in Everett, Washington. The northern Seattle portfolio consists of the Magenta Apartments and Fairway Apartments, located on the scenic grounds of the Everett Golf & Country Club.
Bellevue-based DSB Investments, which specializes in the acquisition, rehabilitation, and management of apartment communities in and around the greater Seattle area, purchased the two-asset portfolio from Williams Investments II LLC for $7 million.
Cushman & Wakefield’s Byron Rosen, Tim McKay, Jacob Odegard, Dan Chhan, Matt Kemper, and Dylan Roeter represented the buyer in the transaction.
“DSB Investments has secured this great opportunity to add two outstanding multifamily assets to their portfolio. Each property fits right into DSB’s wheelhouse of acquiring and then being able to increase value through strategic renovation. With irreplaceable locations and solid historical occupancy, these properties offer residents a serene living experience through the area’s natural beauty and golf course/country club environment. In addition to being in a quiet area, the locations still also provide convenient access to plenty of bustling shopping, dining, and entertainment amenities plus freeway accessibility,” said Byron Rosen, Senior Associate.
“Snohomish County stands as a preferred area for multifamily investors due to strong fundamentals,” added Rosen.
The pair of apartment communities are located along the fairways of the Everett Golf and Country Club, with many of the units offering stunning golf course views. The location is also within minutes of the Everett Mall, Everett waterfront, Naval station, and is also close to the I-5, SR 526, SR 527, and SR 99 interchange connecting to the greater Seattle region.
