Lowe Enterprises Investors (“LEI”), a leading investment manager, has acquired the 264-unit North Creek apartment community in joint venture with an investment client. The property, located at 11401 3rd Avenue SE, in Everett, Wash., is LEI’s second apartment acquisition in the area in the past six months. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide, with particular interest in the West and Pacific Northwest.
“Multifamily properties continue to be attractive to our investment clients,” said Brad Howe, co-CEO of LEI. “We are looking for opportunities to acquire quality assets that can benefit from our hands-on property level experience and value-added investment strategies.”
Built in 1989, the garden-style property comprises 26 two-story buildings. All units at the 95-percent occupied community feature two bedrooms with fireplaces, washer/dryers and balconies or patios. The 17-acre property is attractively landscaped with plentiful lawn and picnic space with barbecue grills, as well as a pool with sundeck, a basketball court, playground, clubhouse and fitness center.
“North Creek is well-located near numerous major employers including Boeing, the Port of Everett and the Naval Station Everett,” said Andy Sands, senior vice president of LEI who leads its multifamily activities. “We plan to renovate the units, upgrade the common areas and refresh the building exteriors and grounds.”
North Creek residents enjoy proximity to public transportation and easy freeway access as well as a variety of nearby entertainment, dining, and shopping options including the Everett Mall.
Greystar has been retained as property manager for North Creek. Centerline secured debt financing from Freddie Mac, and Jones Lang LaSalle represented the seller.
LEI’s Seattle area activities include the development of the 169-unit Luma condominium project on First Hill, due to break ground in the fall of 2014. The firm has made numerous commercial and hospitality property acquisitions in the Seattle area, including the recent acquisition of the 352-unit Covington Farms apartment community in Everett, and the acquisition, renovation and recent sale of the Red Lion Hotel on Fifth Avenue now known as Motif Seattle. Lowe Enterprises is a joint venture partner in Suncadia Resort in Cle Elum, Wash. and Sunriver Resort in Central Oregon. Those properties, as well as the Woodmark Hotel, Yacht Club and Spa in Kirkland, are operated by the firm’s hospitality subsidiary, Destination Hotels and Resorts.