EVERETT, WASH. — Lowe Enterprises Investors (LEI) has purchased the 352-unit Covington Farms apartment complex in Everett for $42.8 million. The community is located at 10115 Holly Drive in the city’s Paine Field area, which is 25 miles north of Seattle. It is situated near the Everett Mall, Port of Everett and Comcast Arena.
The community was built in 1989. It is currently 95 percent occupied. Covington Farms will be managed by Greystar. Gail Neuburg of ARA Northwest represented the seller, Heitman Capital Management, in this transaction. LEI purchased the community on behalf of an investment client. The company is focused on multifamily and commercial acquisition and development opportunities nationwide, though it is particularly targeting the West and Pacific Northwest.