Source: Prometheus Real Estate Group
MILL CREEK, WA - Prometheus Real Estate Group, Inc. has purchased Surrey Park apartments in Mill Creek, WA in a $5.1 million transaction. The acquisition was purchased all cash. Located at the corner of 156th Street SE and Mill Creek Boulevard, the 46 unit community is an excellent mix of well-designed one and two bedroom floorplans. Built in 1991, the property is well maintained with limited deferred maintenance.
The business plan is to reposition the asset through an aesthetic renovation that will reposition the property to compete with larger institutional sized properties in the immediate neighborhood. The property is walking distance from the popular Mill Creek Town Center and 3 miles northeast of the Interstate 5 Interstate 405 interchange, providing for access to job centers along both sides of Lake Washington. Mill Creek is 16 miles north of Bellevue and 20 miles north of Seattle. Nearby employment centers are the biotech firms and the planned Google campus 3 miles south in Bothell and Boeing's Everett campus five miles northwest. The brokers on the transaction were Philip Assouad and Giovanni Napoli of Kidder Mathews. This acquisition brings Prometheus' Pacific Northwest portfolio to 18 properties totaling 4,277 units.
Since its inception in 1965, Prometheus Real Estate Group has specialized in the development and management of high quality residential properties throughout the Western United States. Today, they are the largest private owner of multi-family properties in the San Francisco Bay area with a growing portfolio which includes over 18,000 class A apartments in Seattle, Portland, the San Francisco Bay Area and Los Angeles. Recognition includes over 75 awards since the firm's inception including 2010 MHN Best Property Management Company of the Year.