The Lakeside Apartments, a 45-unit segment of a 56 total unit complex located on Beverly Lake in Everett, Washington, has been purchased by a Westland Apartment Investors led group.
The purchase cost is $6.4 million, with an additional $650,000 being committed by the investors for upgrades to the property.
“The Lakeside purchase is strongly aligned with our business model,” Erik Mattson, Westland Partner, said in a release.
“The complex is conveniently located near a rapidly expanding medical, technology & aerospace employment base.”
Lakeside Apartments improvements planned
The property was originally built as 56 apartment units but was converted to condominiums in 2006, with 45 of the units being converted back to apartments in 2008.
Exterior and landscaping upgrades are planned to improve the property’s appeal to apartment residents and condo owners alike.
With more projects such as this on the horizon, Westland is looking to establish relationships with additional accredited investor clients. Interested investors should contact Erik Mattson at firstname.lastname@example.org or by calling (503) 297-2575.
Founded in 1974, the company has participated in the successful acquisition and management of more than $300 Million in multifamily real estate investments ranging in size from 25- to 120-apartment complexes in Washington, Oregon, Idaho and Arizona. The company’s strategy is to produce greater than average returns by purchasing and managing apartments that need upgrading in communities with strong rental markets.