Alister Parx

JLL, as an exclusive advisor, is pleased to present the outstanding opportunity to acquire Alister Parx, a 443-unit blank slate, value-add garden-style apartment community in Everett, Washington, just four miles from one of the state’s largest employers.

Built in two phases in 1989 and 1990, Alister Parx offers a compelling mix of traditional one-, two-, and three bedroom units along with rare townhome-style units with attached garages. The property spans over 20 acres across 38 buildings, featuring recently renovated common areas including a reimagined fitness center with state-of-the-art equipment, modern clubhouse with a demonstration kitchen, entertainment lounge, and co-working spaces, resort-style pools and spas, landscaped outdoor courtyards with cabana-style shade structures and grilling areas, playgrounds, sports courts, and a dedicated dog park.

The Property presents a compelling value-add opportunity for new ownership to realize significant rent premiums through comprehensive unit interior renovations. With only 11 units (2% of the Property) renovated to date, substantial upside remains untapped. The 11 units renovated in 2020 currently achieve rent premiums of nearly $300 per unit, demonstrating strong tenant demand for upgraded units. New ownership has the opportunity to capture even higher premiums by implementing JLL’s recommended enhancements to the renovation scope, positioning Alister Parx competitively with the area’s newest apartment communities. Current ownership’s amenity renovations

completed in 2020 allow new ownership to focus exclusively on revenue enhancement through strategic unit upgrades across the remaining 98% of units.

Strategically located just off I-5 and close to I-405, Alister Parx delivers tenants immediate access to the region’s major employment corridors, including Seattle, the Eastside, and Everett. Alister Parx occupies a prime position within the Puget Sound’s aerospace superhub in Everett, just four miles from Boeing Everett – the state’s second largest employer with over 30,000 on-site employees.

The proximity to major employment centers and exceptional connectivity offers residents a compelling alternative to homeownership in the Everett submarket at over a 50% discount compared to purchasing a single-family home, where a 20% down payment demands a substantial $146K investment. This dynamic creates an attractive opportunity to acquire an asset with a compelling value-add opportunity in the North Seattle MSA, a market experiencing near-term supply constraints and highly ranked for forecasted employment and GDP growth.