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January 19, 2017
The Seattle office of Marcus & Millichap said it has brokered the $15.35 million sale of Shoreside Village, a 119-unit apartment complex in Everett's Beverly Lake neighborhood. The transaction was worth about $129,000 per unit. Rich Walker and Palo Alto-based Eduardo Cerna represented the seller, a California investor group. M&M's Spencer Clark and Matt Gardner procured the buyer, Williams Investments, a regional multifamily investment company. In a statement, Walker said, “The property provides new ownership with both a turn-key asset and one that offers opportunities to enhance value. Rental competition in the immediate neighborhood is relatively low, as there are only two other conventional market-rate apartment communities on Beverly Lake.”