Equity Residential Pays $51M for 389 Units

MILL CREEK, WA-Equity Residential has purchased the 389-unit Jefferson at Mill Creek apartment complex here for about $51.4 million, according to public records. The Chicago-based public company acquired the four-year-old property from Irving, TX-based JPI, one of the country’s top developers of residential real estate.Jefferson at Mill Creek is located north of Mill Creek’s new Town Center development along the west side of the Bothell-Everett Highway. The property address is 14420 North Creek Dr. The purchase price translates to $132,000 per unit. The sale closed last week.Apartments in the complex range from 627 sf (one bedroom) to 1,550 sf (three-bedroom). The rent range is $835 per month to $1,800 per month. Amenities include high-speed Internet access, garages, a clubhouse with pool and nature trails. The Seattle area is a core market for Equity Residential. The Chicago-based operation owns some 10,000 units in the region. JPI still owns two properties in the Seattle region, the 247-unit Jefferson at Talus in Issaquah, WA and the 230-unit Jefferson at Marymoor in Redmond, WA.Last month, Equity Residential acquired another JPI development, the 294-unit Jefferson at Town Center Apartments in Valencia, CA, for $50 million. The apartments occupy a 15-acre site next to the Valencia Town Center, a hub of the Valencia community. It features a clubhouse, jogging and biking trails, a two-acre park, a playground, a sand volleyball court and a resort-style pool.