EVERETT, WA - Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Covington Farms, a 352-unit community in Everett, Washington located less than 2 miles from Boeing’s Paine Field.
ARA Portland-based Principal, Gail Neuburg, represented the unnamed seller in the transaction.
The property was acquired by Lowe Enterprises Investors (LEI), a leading investment manager based out of Los Angeles, California, on behalf of an investment client. The asset was 95% occupied at the time of sale.
“This acquisition is LEI’s first multifamily value-add investment in Washington State. The timing could not have been better. Boeing’s January announcement of a new contract keeping economic activity worth billions in the state and retaining thousands of jobs, only solidified the buyer’s faith in the bright future of this sub-market and the future success of their investment,” remarked Gail Neuburg.
Covington Farms is an exceptionally located community. The property sits in the Paine Field submarket, home of Boeing, Aviation Technologies and dozens of other industry-related support companies, as well as Naval Station Everett. Seaway Center, located just to the north, is the premier high tech business campus in the area, including more than 300 acres and 1.4 million sq. ft. of industrial and flex buildings. Boeing, Fluke, Goodyear, TRW, Allied Technology, Jansport and Food Services of America all have locations here and expansion is planned in the next cycle. Residents also enjoy plentiful entertainment and shopping options, including nearby Everett Mall.
Constructed in 1989, the property is well-cared for and has a beautiful amenity package. The new owner plans to further improve the property through unit interior upgrades and community improvements. “The property, immediate environment and timing really could not have been better for a successful value-add investment.” said Neuburg.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Gail Neuburg, at gneuburg@ARAusa.com or 503.575.9550.
About ARA: Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.