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Seattle & Northwest  + Seattle  + Apartments  | 
Castle Lanterra Properties has sold the Lumen apartments in Everett, WA for $36.7 million, three years after acquiring it for $22.6 million

Castle Lanterra Trades Everett Apartments After Three-Year Hold 

New York City-based investment firm Castle Lanterra Properties (CLP) finalized the $36.7-million sale of the Lumen, a 108-unit multifamily complex located in Everett, WA, to a private investor. CLP acquired the residential community in 2018 for $22.6 million.  

“Lumen is ideally located in a market that boasts a diverse economy powered by several industries including manufacturing, technology and the military,” said Elie Rieder, founder and CEO of CLP. “As a result, the community offered a unique investment opportunity to own a great asset in a market that is experiencing strong demand for quality rental housing.” 

Since taking ownership in 2018, CLP net rental income and total income at Lumen by nearly 15% by implementing and completing a value-enhancement strategy. Additionally, halfway through the three-year hold period, CLP refinanced the property with a 10-year Fannie Mae floating rate, interest-only loan. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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