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Housing Authority Buys Apartments for $16.7 Mil

MOUNTLAKE TERRACE, WA-Snapping up the second Interland Corp. property sold this year, the Snohomish County Housing Authority shelled out just $400,000 more than Interland paid when acquiring the 157-unit complex two years ago.

By Janet Parker | Updated on September 05, 2001

MOUNTLAKE TERRACE, WA-California developer Interland Corporation has sold its 157-unit Markland Woods to the Snohomish County Housing Authority for $16.7 million. Frank Bosl of the Seattle office of CB Richard Ellis tells GlobeSt.com the county plans to convert the apartments to condominiums and sell them as affordable housing units. Bosl, with fellow broker Jon Hallgrimson, handled the transaction.

The property, located at 23347 Cedar Way in Mountlake Terrace, was originally built in 1990 as condominiums but ended up doing duty as apartments instead. According to Bosl, apartment complexes often contain a high percentage of one-bedrooms, whereas the Markland Woods consists of two- to four-bedroom units. This, says Bosl, makes the property more in line with use as condominiums. “The property has a lot of amenities not typically found in apartments,” says Bosl, “like walk-in laundry rooms and cathedral ceilings.”

While the prices the county will ask for the units is not yet known, they will certainly be well below the average price for single-family homes there. According to the Northwest Multiple Listing Service, that median price in July was $200,500.

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