SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) has recently acquired Martha Lake Apartments, a 155-unit Class B apartment community built in 1991. The property consists 13 three-story garden style buildings and one leasing center. The property has a wonderful array of community amenities that residents are able to enjoy year-round. Martha Lake offers a mix of one, two and three-bedroom open floorplans each with washer/dryers, 9’ ceilings, and large balconies or patios with storage. Select units include wood burning fireplaces, vaulted ceilings, kitchen pantries, and walk-in closets.
Martha Lake Apartments is located in the community of Martha Lake, just west of Mill Creek and northeast of Lynnwood in the unincorporated Snohomish County slated for future annexation into the City of Lynnwood. Named after the 64-acre Martha Lake, this affluent neighborhood is ranked in the top 20% based on per capita income within the state. With easy access to I-405 and I-5 freeways, Martha Lake offers quick transportation to the major employment centers of Seattle, Everett, Bellevue and Redmond. In these employment centers, employees could be employed by Amazon, Boeing, T-Mobile, and Microsoft respectively.
Nearby retail amenities include the upscale Mill Creek Town Center and Alderwood Mall, both only minutes away. Additionally, the adjacent lake and it’s lush park offer residents recreational opportunities. Martha Lake Apartments is in a great location to take advantage of the region’s massive job growth, ranked highest in the country.
Previous ownership lightly renovated half of the apartment homes. However, SRMF VA-II believes that increasing the spec level of all units (including those with a modest renovation) will drive rents and occupancy even further in an exclusive market that, while it thrives on its own merit, will continue to be a better option for those outpriced in the Urban Seattle core.