Westland Investors Announces the Acquisition of TerraVerde, Together With Investment Partner CREC Real Estate, in Everett, WA

Everett

PORTLAND, Ore., December 7, 2021 / PRNewswire / – Westland Investors announced today that it has acquired Terra Verde Apartments together in an investment partnership with CREC, a private equity real estate company based in Columbus, Ohio. The two investment groups will rename the upgraded community after the major redevelopment is complete. The property houses 65 residential units of a 73-unit condominium. The building was constructed in 1980 and converted into condominiums in 2008.

The partnership plans to upgrade the building’s facade, renovate the rental office, and renew and improve the common room to create a more community feeling. The interiors are in excellent condition with high quality materials and Westland and CREC look forward to harmonizing the style and finishes in the interiors of the units. In addition, the partnership will work with residents to transform the space into exactly what the community values.

“We are very excited to be joining our growing group of properties in the Seattle Area “said Carson Halley, Head of Business Development for Westland. “Additionally, this is our first partnership with CREC, an investment firm that we know and admire, and we look forward to continuing similar partnerships in the future.”

For more information on Green land or other Westland properties, please contact Carson Halley at [email protected]

About Westland Investors:

For more than 40 years, Westland Investors has focused primarily on multi-family housing in the Pacific Northwest of the USA with over 600 units and $ 250,000,000 under administration. In addition, they own and operate a dedicated in-house property management company, Centro Management, which enables end-to-end service.

About CREC

Core Real Estate Capital (CREC) was founded in 2001 and has grown into an institutional private equity real estate investment management company with over $ 1 billion of managed real estate assets. CREC focuses on value-adding multi-family acquisitions and selected basic developments in supply-restricted markets with high entry barriers across the country.