Alderwood Park was acquired as part of a 14-property multi-state portfolio. The property is located in the desirable Alderwood neighborhood within the Lynnwood submarket, and is within walking distance to the Alderwood Mall, a destination shopping center in the Seattle MSA, and a new 330,000 SF shopping center anchored by Costco that will be completed in 2016. Residents enjoy easy commutability as the property is near the pivot point of the I-5 and I-405. TruAmerica will elevate the status of this community and position it amongst the better rental options in the City by spending $3 million in various interior and exterior renovations.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
A welcoming community providing comfort and convenience at unprecedented value. A perfect suburban retreat just minutes away from Alderwood Mall, dining, shopping, and movie theaters.