COlby Creek

Apartment Homes

EXCLUSIVE MULTIFAMILY OFFERING

336 Units BUilt in 1989 & 1991 923 112th Street SW | Everett WA, 98204

Berkadia is pleased to announce that it has been retained as the exclusive listing agent for the sale of Colby Creek. Built in two phases 1989 and 1991, the property features 336 units with a compelling value-add story.

Located in the city Everett, just 20 miles north of the Seattle CBD, Colby Creek apartments homes provide residents with direct access to highways I-5 and SR-99, connecting Everett to the greater Seattle-Tacoma-Bellevue MSA. The Seattle MSA is experiencing its own personal renaissance and has positioned itself as a true global gateway city displaying historic regional population and job growth.

Aside from the proximity to downtown Seattle, the asset also offers residents a five-minute commute to Boeing’s Everett Factory, which at 472,370,319 cubic feet is the largest building in the world by volume. Boeing, who just received a $6.6 billion order from FedEx, is expected to also announce plans regarding the production of their highly anticipated Boeing 797, a new mid-market airplane (NMA). With its high concentration of aerospace engineers and existing infrastructure, many industry leaders have pointed to the Everett factory as the likely frontrunner for the job.

Boeing’s Paine Field has begun servicing commercial flights to cities such as Portland, San Francisco, and Los Angeles, alleviating Snohomish County residents from having to make the hour plus trek to SeaTac Airport. Positioned amidst a bustling local and regional economy, Colby Creek provides a compelling investment opportunity in one of the strongest real estate markets in the country.

Investment Highlights

Favorable Market Trends

  • Median income of $72,594 within a five-mile radius of the property
  • Population is expected to grow 10.5% over the next five years within a one-mile radius
  • Mariner Light Rail Station will inevitably benefit the property as residents are provided a seamless commute to downtown Seattle and the surrounding urban core

Strategic Location

  • The property is strategically located in south Everett, six and a half miles away from the confluence of I-5 and I-405, facilitating easy access to the larger Puget Sound region
  • Well-located, value-add execution with the opportunity to create immediate scale
  • The ST3 Link Light Rail expansion with the planned stops in Everett will make this a prime destination for residents commuting to Everett and Seattle

Everett Market Statistics

  • Submarket vacancy – 5.04% (Axiometrics)
  • 12-month increase in market rents – 4.82% (Axiometrics)
  • Five-year market rent growth – 36.69% (Axiometrics)
  • Only 227 units planned for construction in a three-mile radius of the property (CoStar)

Access to Key Employment Drivers

  • Easy access to some of the largest employment drivers in the region, most notably Boeing’s Paine Field and Naval Station Everett
  • Snohomish County is home to Boeing’s Everett Factory, the world’s largest manufacturing building and the provider of over 40,000 jobs in the region
  • Beginning in Spring of 2019, Paine Field has opened commercial traffic offering daily nonstop service to eight cities including Portland, San Francisco, and Los Angeles

Unique Property

Colby Creek gives you the best of both worlds: access to nature when you need to relax, and the fast pace of the city when you need it.

Discover Everett

Colby Creek is situated in Everett, WA. Everett is the county seat of Snohomish County, one of the fastest-growing counties in Washington.

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COLBY CREEK APARTMENTS

923 112th Street SW | Everett, WA 98204