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SRG Acquires 139-Unit Monterra in Mill Creek Apts. for $39M

Equity Residential Sells Multifamily Community in Mill Creek
February 16, 2018
Sares-Regis Group (SRG), a full-service developer and owner based in Irvine, CA, acquired the 139-unit Monterra in Mill Creek Apartments from Equity Residential for $39 million, or approximately $281,000 per unit.

Built in 2003, the 135,759-square-foot apartment community consists of 17 buildings consisting of a mix of one-, two- and three-bedroom floorplans, ranging in size from 761 to 1173 square feet. Community amenities include a clubhouse, fitness center, playground, sauna and spa.

Pete Shelton and Kim Grant of Institutional Property Advisors (IPA) represented the seller in the transaction.

“The Monterra in Mill Creek acquisition gives new ownership the opportunity to substantially increase revenue through expiration of below-market leases while participating in the aggressive rent growth currently being experienced and projected to continue in Mill Creek,” noted Shelton. “The city’s population is expected to grow over 10 percent by 2021 and renter-occupied housing is expected to expand by 14.5 percent.”

The apartment complex, located at 13401 Dumas Rd., is within the Martha Lake Multifamily submarket and is approximately 22 miles north of Downtown Seattle.

Please see CoStar COMPS #4111455 for more information on this transaction.
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