108-Unit Multifamily Sells Near Downtown Seattle

Castle Lanterra Properties (CLP) has sold the Lumen, a 108-unit multifamily apartment complex located in Everett, Wash., just outside of downtown, for $36.7 million. Previously, CLP purchased the Lumen in 2018 for $22.6 million. 

This sale of the Lumen was to a private investor.

Details include, from a recent news release: 

“ … Since taking ownership in 2018, CLP has increased Net Rental Income and Total Income by nearly 15% by implementing and completing a value-enhancement strategy. In addition … CLP refinanced the property with a 10-year Fannie Mae floating rate, interest only loan  … .” 

CLP was also able to increase residential occupancy by 4% since taking ownership and achieved 14+% rental income growth year-over-year through October 2021. In addition to the capital improvements completed by CLP, the community benefits from its proximity to several world-renowned employers like Amazon, Boeing, Apple, and Google located in Seattle.