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CEP Multifamily Acquires 165-Unit Multifamily Property In Everett From Trent Development For $49M

Property Image
SOLD
$49,000,000
Chris Ross
David Young

Washington

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MultiFamily
Sold 01/30/2025
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Property Image
SOLD

CEP Multifamily Acquires 165-Unit Multifamily Property In Everett From Trent Development For $49M

2701 Rockefeller Avenue

See Similar Deals
MultiFamily
Sold 01/30/2025
Chris Ross
David Young
the dealplayerscompscontact
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Summary

WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multi-family asset located at 2701 Rockefeller Avenue in Everett, Washington. It has a sale price of $49,000,000 and consists of 165 units, resulting in a price per unit of $296,970. This eight-story complex was completed in 2022 and provides convenient access to key employers and the Seattle metropolitan area.

Summary of transaction details:

JLL facilitated the transaction on behalf of Trent Development, securing the sale of the Nimbus property. The expertise of David Young and Chris Ross contributed to the successful closing of this deal, reflecting their involvement in the multi-family real estate market.

Players

Chris Ross
JLL
Chris Ross
10 deals$687.9M volume(858) 692-1312
BROKER
David Young
JLL
David Young
8 deals$551.9M volume(206) 607-1719
BROKER

Details

SOLD
IMAGE: 01/30/2025 ADDRESS: 2701 Rockefeller Avenue MARKET: Everett, WA ASSET TYPE: MultiFamily BUYER: CEP Multifamily SELLER: Trent Development BROKERS: David Young & Chris Ross - JLL SALE PRICE: $49,000,000 UNITS: 165 ~ PPU: $296,970 NOTE: JLL secured the $49 million sale of Nimbus, a 165-unit luxury multifamily property in Everett, Washington, on behalf of seller Trent Development. The eight-story complex, completed in 2022, offers easy access to key employers and the Seattle metro, with the buyer being CEP Multifamily.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,613,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$174,086.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$232,285.00
Annual Debt Service$2,787,419.98