$39 Million Seattle-Area Multifamily Asset Sold by IPA
January 18, 2018
MILL CREEK, Wash., Jan. 18, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Monterra in Mill Creek, a 139-unit multifamily property in Mill Creek, Washington. The property sold for $39 million, which represents more than $280,500 per unit.
“The Monterra in Mill Creek acquisition gives new ownership the opportunity to substantially increase revenue through expiration of below-market leases while participating in the aggressive rent growth currently being experienced and projected to continue in Mill Creek,” says Pete Shelton, executive director. “The city’s population is expected to grow over 10 percent by 2021 and renter-occupied housing is expected to expand by 14.5 percent.”
Shelton and Kim Grant, senior director, represented the seller and procured the buyer.
Monterra in Mill Creek Apartments is situated on the southern border of Snohomish County near access to Interstate 5 and Interstate 405. Downtown Seattle, the Boeing plant and the High-Tech Corridor, a 5-million-plus-square-foot industrial and flex office park space that runs from Bothell to the Seaway Center in Everett, are an easy commute away. The Mill Creek Town Center, the Alderwood Mall and the Mill Creek Square shopping center are nearby. Completed in 2003, the property consists of 139 one-, two- and three-bedroom apartments. The average unit size is 974 square feet.