LYNNWOOD — A Chicago-based real estate investment group announced the purchase of Martha Lake Apartments, a 155-unit garden-style apartment complex in north Lynnwood. The property at 16626 Sixth Ave. W was bought for $20.3 million, according to records filed with the Snohomish County Assessor’s office.
The apartments had been purchased for $15 million in 2011 by a group called Martha Lake LLC, according to the records.
Development in the Puget Sound area has been concentrated in the urban area of Seattle, which is creating opportunity for well-located suburban communities like Martha Lake, said Peter Kuzma, assistant vice president of acquisitions at Waterton Associates, in a press release.
“Martha Lake already benefits from its commuter-friendly location, offering convenient access to major employment centers throughout the north Puget Sound region,” Kuzma said. “By making improvements to individual residences, common areas and amenity spaces, we see tremendous upside potential as we improve the overall living experience for residents.”
This is the second large purchase of an apartment complex the county in the past few weeks. Earlier this month, Coast Equity Partners, an Everett-based commercial real estate company, announced it had bought the 152-unit BluWater Apartments in south Everett for $25.5 million from Grosvenor Americas.
Martha Lake Apartments offers a mix of one-, two- and three-bedroom apartments and amenities include an outdoor swimming pool, spa and racquetball court, as well as a resident-only fitness center and lounge. It is the sixth property acquired by Waterton in 2014 and the first community Waterton has owned in the Seattle area since 2004.
Apartments at Martha Lake range in size from 600 to 1,109 square feet with fully equipped kitchens and in-unit washer and dryer.
For more information , visit www.marthalakeapts.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
