Fund II Adds Mill Creek WA Property to Portfolio
SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) has recently acquired Monterra in Mill Creek, a 139-unit Class B apartment community built in 2003. The property consists 17 two-story garden style buildings and one leasing center. Community amenities include a fitness center, a tot lot, and access to walking trails. Monterra offers a mix of one, two and three-bedroom floorplans each with in-unit washer/dryers, nature views and large balconies or patios with storage. Select units include wood burning fireplaces and vaulted ceilings.
Monterra in Mill Creek is located in one of the Puget Sound’s most coveted locations. Mill Creek is a built-out submarket that has limited competing product, setting the stage for strong rent growth. Situated in the southern border of Snohomish County, this property boasts an excellent location for shopping, parks, and restaurants. Additionally, Mill Creek schools are the highest ranked in the county. With convenient access to Interstate 5 and Interstate 405, Monterra is an easy commute to downtown Seattle, the Boeing Plant and the High Tech Corridor, a 5 million-plus-square-foot industrial and flex office park space that spans from Bothell all the way to the Seaway Center in Everett.