Seattle & Northwest + Seattle + Apartments | May 28, 2021

Bluffs at Evergreen Finds LLC Buyer at a Cool $39M

Value-add multifamily continues to go like hotcakes in the state and The Bluffs at Evergreen Apartment Homes is no exception. The 217-unit apartment portfolio in Everett recently sold for $38.6 million to a limited liability company.

“The Bluffs at Evergreen is an excellent value-add opportunity located in Snohomish County and has been operating below the maximum rents allowable under the LIHTC agreement with the Washington State Housing Finance Commission,” says Timothy Ufkes, Marcus & Millichap senior vice president investments in the firm’s Seattle office.

Ufkes had the exclusive listing to market the property on behalf of the seller, also a limited liability company. The buyer was secured and represented by Ufkes.

The Bluffs at Evergreen Apartment Homes is located at 2 West Casino Rd. The property was constructed in 1969 and placed in service in 2006 under the Section-42 LIHTC program. The property consists of one-, two- and three-bedroom units.

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Timothy Ufkes

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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