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.