The identities of the parties to the transaction were not disclosed by the brokerage firm that handled the transaction. Records provided by First American Title show the property (11108 Chennault Beach Rd.) was last purchased by the Teachers Insurance Annuity Assn. in 1998 for $34.955 million.

Experts are not surprised to see apartment properties selling these days for values similar to those of 1997 and 1998. Paul Mikely, a broker/partner with Seattle-based Paragon Real Estate Advisors, recently told GlobeSt.com, "The market has been different since September 11. We're seeing price reductions on properties that are larger than a year ago. Sellers are starting to get more realistic about their selling prices."

While specific, current vacancy numbers in the Northend sub-market were not immediately available, analysts tell GlobeSt.com vacancies have been on the rise the last few quarters, and area landlords are nervous about how extensively Boeing layoffs will impact the occupancy of their properties. The waterfront community of Mukilteo lies 25 miles north of Seattle.