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Listings/Evergreen Apartment Homes

Evergreen Apartment Homes

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Executive Summary

Evergreen Apartment Homes offers investors a proven value-add strategy in a location with unmatched access to jobs. This unique garden-style apartment community features large townhouse-style units and a lush country-club setting that are unlike run-of-the-mill suburban apartment communities found throughout the Puget Sound region. The combination of livability in a natural setting and easy access to extensive employment opportunities caters to a strong tenant base and offers investors a product type that can’t be replicated.
Low-density site with beautifully-maintained grounds create an idyllic spot for residents to call home

  • Unique townhouse units offer attached garages with direct access and wood-burning fireplaces that add character
  • Located between Seattle and Tacoma, Federal Way’s access to growing job centers is driving demand and rent growth
  • Lack of new product in Federal Way’s development pipeline creates limited competition for Evergreen as demand grows

Site Details

Address
35929 21st Place S, Federal Way, WA
Number of Parcels
1
Land Size
19.49 Acres
Parcel Number
282104-9116
2018 Property Tax
$316,510
Density
6.8 Units/Acre

Development Details

Units
132
Year Built
1988
Years Renovated
2017-2018
NRSF
154,968 SF
Avg Unit Size
1,174 SF
Number of Buildings
33
Number of Stories
2
Parking
132 Attached Garages; 143 Open Stalls
Laundry
In-Unit

Opportunity

The Federal Way rental market has proven demand for renovated units, with many buildings in our comparable set offering updated, modern units. Since the acquisition of Evergreen Apartment Homes in 2017, current ownership has been renovating units to fulfill this demand, and has fully renovated 57 units. These units are well received by the renter pool, and lease rates are improving thanks to property management’s commitment to push rental rates. Evergreen is also prime for a value-add program that focuses on improving the overall look, feel, and resident experience.

Residents Choose Evergreen Apartment Homes for unequaled access to job opportunities throughout the Puget Sound:

  • 403,500 jobs have been created in the Puget Sound since 2010
  • Income grew 5.4% in Q4 2018
  • King County’s current unemployment rate is 3.2%

In addition to the light rail coming in 2024, the City of Federal Way was approved by Governor Jay Inslee for “Opportunity Zone” status, enabling them to offer special federal tax breaks to encourage development and job creation.

The Opportunity Zone tract has a variety of developable sites, including nearly 10 vacant acres as part of Federal Way’s Town Center, which is anchored by the Performing Arts & Events Center. Additionally, with the development of light rail, some redevelopment will occur specifically for transit-oriented development.

Value-Add Opportunity

Regional Job Growth

Future Federal Way Investment

Location

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Evergreen Apartment Homes

35929 21st Pl S
Federal Way, WA 98003
Units: 132
Price: $34,150,000

About the Area

Established in the late 1800s as a logging settlement, Federal Way’s timber legacy continued as home to Weyerhaeuser’s headquarters from 1971 – 2016. The area was first called “Federal Way” in 1929, derived from Federal Highway U.S. 99. The local Chamber of Commerce adopted the name in the early 1950s. Old World Square was one of Federal Way’s first retail attractions and was the brainchild of Heinz Ulbricht, a German designer who later redesigned Leavenworth.

Federal Way is identified by its 1990s semi-urban development and characterized by multi-structure shopping centers. Built in 1975 as the SeaTac Mall, the Commons at Federal Way is the city’s largest indoor shopping mall. Wild Waves Theme Park, the largest and only permanent amusement park in the region, opened in 1977 and is located less than a mile from Evergreen Apartments.

The Weyerhaeuser King County Aquatic Center, a legacy venue for Federal Way, was built for the 1990 Goodwill Games. The Center also hosted recent US Olympic Swim & Dive Trials. Contributing to a vision of creating a “Town Center” at the heart of Federal Way, the $32.7 million Performing Arts and Events Center opened in the summer of 2017 to serve as both a theater and conference center.

30 Minutes

to the region's tech corridor

5th Largest

City in King County

40

Median Age (1 Mile)

2,650

Businesses located in Federal Way

36

Primary & Secondary Schools

50

Developed & Open-Space Parks

Contact Us

Exclusive Listing Brokers

Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Evergreen Apartment Homes.

Direct: 206.414.8575

       
       

Direct: 425.736.5516