Source: Freshwater Investments / #Apartments #Multifamily
SEATTLE, WA - Freshwater Investments has acquired The Stinson Apartment Homes – a 93-unit garden style community located at 133 124th St SE, Everett, Washington, within walking distance of a popular retail plaza, 10 minutes drive from Boeing factory and 30 minutes from Seattle Downtown.
Alex Rozenfeld, Freshwater Investments Founder and Managing Partner, commented: “Entering a new market is always exciting! Based on strong demographic and economic trends, I have high confidence investing in Seattle and neighboring cities. This addition to Freshwater portfolio is in line with our strategy of buying value-add properties in solid markets and generating stable cash flow for our investors.”
Built in 2000, this property is comprised of large one- and two-bedroom apartments with an average unit size of 841 square feet, and features a recently upgraded clubhouse, fitness room, pool, playground and dog run. The transaction was closed on June 9, 2017 at a purchase price of $16.8 million.
Rozenfeld added, “We assumed the long term Freddie Mac loan with the favorable rate, which will allow us to start investors’ distributions almost immediately. What makes this acquisition even more special is the fact that over 10 years ago I started my Real Estate Investment career as an analyst with Fowler Property Acquisitions, and today they were the Seller in the Stinson deal."
The seller was represented by Chris Ross of HFF, Seattle.
Founded in 2015, Freshwater Investments is a real estate investment firm offering individual investors opportunities to co-own multifamily housing properties.