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LATEST NEWS
February 1, 2006
Harbour Pointe complex sold
Reprinted with permission from The Herald - Everett, Washington.
MUKILTEO - On the Green at Harbour Pointe, a 558-unit apartment complex bordering a golf course, has been sold to new
owners for $69 million. That price, which translates to $123,656 per unit, is believed to be the largest ever paid for an apartment complex in
Snohomish County.
Legacy Partners, a California-based commercial real estate company, bought On the Green from a private partnership that
helped to develop the property in the early 1990s, said Tim Campbell of Seattle's Pinnacle Realty Management Co. He and
Jeff Gilson of Pinnacle brokered the sale to Legacy.
Kerry Nicholson, senior vice president at Legacy's regional office on Mercer Island, said the complex has a one-of-a-kind
location in the heart of Mukilteo's Harbour Pointe neighborhood.
"You've got a good school system, golf course and the beautiful green boulevard all around it up there," he said. He added that
Legacy also owns the nearby Bella Terra apartment development and has been acquiring more in the Puget Sound area over
the past year.
Legacy, which will take over management of the apartment complex from Pinnacle,
plans to renovate On the Green's apartments. Improvements will include new kitchen
and bathroom countertops, along with new lighting, baseboards, plumbing and paint.
Built in two phases between 1990 and 1992, On the Green, 12303 Harbour Pointe
Blvd., consists of 31 buildings, not including the rental office and clubhouse, on 28
acres. Overlooking Harbour Pointe Golf Club, the complex also offers exercise
facilities, indoor and outdoor swimming pools and other amenities.
The one- to three-bedroom apartments range in price from $650 to more than $1,200
a month, according to online listings. Ninety-five percent of the units are rented,
according to Legacy.
The sales price for On the Green makes it the county's biggest apartment deal "by a
long shot," said Mike Scott, principal with Dupre+Scott Apartment Advisors in Seattle.
Only a couple of other complexes within the county have ever commanded above
$50 million, including Jefferson at Mill Creek, a complex that sold for $51 million in
2004.
Prices for such properties are bound to rise, however, as property values continue to increase and the costs of building big,
new apartment communities grows.
"Snohomish County's becoming a very sought-after location for apartment investors, and Legacy got the nicest deal up here,"
Campbell said.
In 2005, sales of apartment complexes with more than five units totaled nearly $489 million in Snohomish County, according to
Dupre+Scott's figures. That was up from $259 million in countywide apartment investment in 2004 and $130 million in 2003.
During that period, the price paid per square foot has risen from $88.29 to $94.90.
In addition to On the Green at Harbour
Pointe (shown), Legacy Partners also
owns the nearby Bella Terra apartment
development.
Interest in apartments has picked up as the economy has improved, reducing the number of empty units. In many parts of
Snohomish County, including Marysville, Edmonds and Lynnwood, fewer than 5 percent of apartment units are unrented these
days.
Nicholson pointed out the number of apartments being converted into for-sale condominium units is adding to the tight market
for apartment seekers. He added that Legacy intends to keep On the Green as an apartment community, at least for the
foreseeable future.
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