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Lynnwood Apartment Complex Sells for $20M
Glennbrook Apartments, an 80-unit multifamily property located in Lynnwood, has sold for $20.6 million.
Situated at 3717 148th St. SW, the property was acquired by Glennbrook-Lynnwood LLC, an entity associated with Bellevue-based multifamily investor Curtis Capital Group, reported the Puget Sound Business Journal.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and found the buyer. The IPA team included Ryan Harmon, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Anthony Palladino. The sales price equated to more than three times what it traded for in 2010.
The 37-year-old complex near Lake Serene was last acquired by Kirkland-based Weidner Apartment Homes for $6.8 million in 2010. It has a mix of 24 one-bedroom and 56 two-bedroom units, and totals 64,300 square feet.
