The Winsley was a part of a two-property, multimarket portfolio purchase and represents TruAmerica’s 17th investment overall in the Seattle MSA and 11th investment in 2017. The Winsley is located in the city of Everett and enjoys an excellent location as it is near major freeways, employers, and in a highly desirable school district.
Everett has experienced strong apartment fundamentals and is projected to continue to exhibit favorable apartment fundamentals. Everett’s population has increased by 5.6% since 2010, rents grew by 8.6% in 2015 and 9.0% in 2016, and current occupancy stands at 95.6%. Axiometrics projects an average rent growth of 3.1% and occupancy to remain above 95% over the next five years.
The Winsley represents a true value-add opportunity as all of the units have not been renovated since a light interior renovation ten years ago by the seller. TruAmerica is well acquainted with the seller as TruAmerica recently purchased a 640-unit property in southwest Florida from the seller in 3Q 2017.
TruAmerica has an established presence in the Seattle market as it owns and operates 13 properties totaling approximately 2,600 units prior to the closing of the Winsley. The Winsley is less than two miles from a property TruAmerica acquired in 4Q 2015.
The Winsley is a 316-unit garden style community built in 1991. The Winsley is situated on 14.4 acres and features an attractive unit mix comprised of one-bedroom units (41%), two-bedroom units (32%), and three-bedroom units (27%) with generous floorplans at an average unit size of 969 square feet. Approximately 10% of the units have lofts, adding an attractive dynamic not found at any other asset within the immediate submarket. All units have washers/dryers, private balconies/patios, central air conditioning, walk-in closets, and select units have wood burning fireplaces. Furthermore, the property features a broad array of community amenities that include a swimming pool, spa, fitness center, full indoor basketball court, clubhouse, business center, recreation lounge, barbeque grills, and a tanning bed.
The Winsley provides access to two major arterials, Highway 99 and Everett Mall Way which connects to Interstate 5 and Highway 526. Located at the north end of High Tech Corridor, the Winsley provides ready access to major employers at the Seaway Center (300 acres) and Harbour Pointe (2,300 acres) business parks. Seaway Center and Harbour Pointe combine for over eight million square feet of commercial space and are both within a five-minute drive. Major employers at these large business parks include Boeing, Goodrich, Goodyear, and Food Services of America. Boeing employs in excess of 38,000 people at Seaway Center; an additional 3,000 new direct jobs and another 12,000 indirect jobs are expected in the near future. In addition, the Winsley is a part of the highly desirable Mukilteo school district and shares a border with a golf course.
The Winsley provides an opportunity to improve upon the light upgrades the previous ownership implemented ten years ago. Anticipated interior upgrades include new stainless “faux” steel appliances, countertops, cabinet faces, hard-surface flooring in the wet areas, and plumbing and lighting fixtures. TruAmerica will also implement significant exterior upgrades to the fitness center, clubhouse, landscaping, signage, lighting, asphalt, and paint to enhance and improve the overall image and curb appeal of the property.
- Swimming Pool
- Fitness Center
- Full Indoor Basketball Court
- Business Center
- Recreation Lounge
- BBQ Grills
- Tanning Bed