South Everett Apartment Building Sold for $12M | News

Lee & Associates Commercial Real Estate Services announced in a release this week the disposition of South Everett’s West Ridge Apartments to a private investor on behalf of its client 7 Lakes Development. The building went for $12 million.

The Lee & Associates Multifamily team, Ted Wood and Levi Sterley, brokered the deal on behalf of the seller while Realogic Sotheby’s Ambili Sukesan represented the buyer, the release said.

“Snohomish County continues to be in high demand for multifamily investors and Everett remains attractive for apartment investors and renovators,” Sterley said in the release. “Demand for transit-oriented development and existing assets remains extremely high despite the current debt markets environment.”

The 36-unit apartment building is located on 128th Street Southwest and sits on 1.64 acres. In addition to its two-bedroom, two-bedroom apartments — which average out to about 1,010 square feet each — West Ridge has a fitness space and a leasing office, along with an elevator and 80 parking spaces.

The release said that the buyers plan to eventually renovate the property.