Company Release – 06/26/12
SEATTLE, WA.–(BUSINESS WIRE)—Goodman Real Estate, Inc. announced today the acquisition of Brittany Park, a community of 190 apartment homes located in Auburn, WA and Brierwood Manor, 156 apartment homes located in Everett, WA. Brittany Park and Brierwood Manor, each a separate transaction, were acquired on June 22, 2012 for $13,950,000 or $73,421/unit and $11,800,000 or $75,641/unit, respectively.
Located in the thriving Kent Valley equidistant from the Port of Seattle, Port of Tacoma and Sea-Tac, Brittany Park has easy accessibility to SR 167, both I-5, I-405, and the Auburn Transit Center for the Sounder commuter train. Major employers in the area are Boeing, Supermall of the Great Northwest, Muckleshoot Casino, Emerald Downs Racetrack and White River Amphitheater. Brittany Park will undergo capital improvements which include washer/dryers to every unit, renovating the cabana and pool deck, adding gas BBQ’s and a built in fire pit. Brittany Park will be rebranded as Neely Station, homage to The Neely Mansion, built by the son of a pioneer in 1891, refurbished and listed on the National Register of Historic Places.
Brierwood Manor is located near the expanding employment base lead by Boeing, Fluke Company, Goodyear, TRW Allied Technology, Jansport, Stockpot and Food Services of America. The community has great access to I-5 and Highway 99 and is adjacent to the northend of the Snohomish County Interurban Trail. Brierwood Manor will undergo similar capital improvements including renovating the cabana and extending the deck, adding a fitness center, and replacing the windows from single to double pane. Brierwood Manor will be rebranded as Tessera.
Property management professionals from Pinnacle, an American Management Company, provide on-site management for both apartment communities.
Copyright © 2012 Goodman Real Estate, Inc. All Rights Reserved
Source: Goodman Real Estate, Inc.
Goodman Real Estate, Inc.