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MONROE, WA- Essex Apartment Value Fund II has acquired the Morning Run Apartments here for $19.75 million. The value-add fund is 28.2% owned by publicly held apartment REIT Essex Property Trust Inc. of Palo Alto, CA. Morning Run was built in 1991 on 11 acres at 18463 Blueberry Lane. The development includes 20 two and three-story buildings as well as an outdoor pool and spa, fitness center and business center.
Units range in size from 922 sf to 1,132 sf and include vaulted ceilings, wood-burning fireplaces, a washer and dryer and high-speed Internet cabling. The unit mix includes 113 two-bed two-bath units; 49 two-bed one-bath units; 48 three-bedroom three-bathroom units, and; 12 one-bedroom one-bathroom units.
A company source tells GlobeSt.com the property is about 95% leased. The current asking rental rates range from $700 per month to $900 per month, according to Essex's Web site.
The added-value is expected to be had through rental appreciation. "It's an up-and-coming area with a lot of activity around it," says the source.
Greg Laycock and Steffenie Birkeland of Cushman & Wakefield represented the seller and procured the buyer.
The acquisition takes Essex's Pacific Northwest portfolio to 6,340 units. The company's goal is to have its units evenly distributed between Southern California (Los Angeles), Northern California (San Francisco) and the Pacific Northwest (Seattle and Portland). Currently, about half of the company's units are in Southern California, with another 25% in the Pacific Northwest and 20% in Northern California, according to its most recent quarterly report.
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