Everett’s Woodbrook apartments trade for $31.3 million
EVERETT, Washington, August 9, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), today announced the sale of Woodbrook, a 100-unit building in Everett, Washington. The property sold for $31.3 million, which works out to $312,750 per unit.
“Located in one of the nation’s premier multi-family markets, Woodbrook has been vendor-owned and managed for 17 years,” said IPA Executive Director Philip Assouad. “The acquisition gives the buyer the opportunity to leverage operational benefits and implement a value-added cosmetic investment strategy.” Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of IPA arranged the transaction on behalf of the seller, Woodbrook Investment Partners LP and recruited the buyer, Amoroso Companies.
The property is located just off Interstate 5, within easy commuting distance of downtown Seattle, the Eastside Technology Center and Boeing’s main production plant in Everett. Residents can easily access some of the area’s largest employers, including Amazon, Boeing, Facebook, Google, Microsoft, and the University of Washington. Safeway, Costco, Trader Joe’s, WinCo Foods, Walmart, Target and the Everett Mall are less than five minutes from Woodbrook.
Built in 1990 on nearly five acres, Woodbrook has eight three-story apartment buildings, a two-story townhouse duplex with attached two-car garages, a central rental office, and a clubhouse. Additional community amenities include an outdoor pool and spa, barbecue and picnic areas, playground, dog wash station, and multiple parking options. The mix of units is made up of one-, two-, and three-bedroom apartments with wood-burning fireplaces and private decks or patios averaging 999 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and financial markets expertise, cutting-edge technology and award-winning research delivers customized solutions for acquiring, disposing of and financing institutional properties and portfolios.