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No Appreciation for Bay Court at Harbour Point

MUKILTEO, WA-The 420-unit apartment complex sold this week for about $35 million, the same price for which it traded hands four years ago. Industry experts are not surprised.

By Janet Parker | Updated on March 15, 2002

MUKILTEO, WA-Bay Court at Harbour Point, a 420-unit apartment complex, has been sold to an undisclosed party for $35 million, the same price it traded hands for in 1998.

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.”

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