Everett apartments sell for $38M

The 220-unit Hearthstone at Merrill Creek apartment complex in Everett has sold for $38 million.

Security Properties of Seattle sold the 8-year-old complex on more than 14 acres to UDR Inc. of Highlands Ranch, Colo.

"Institutional-grade product that comes available in one of the top multifamily markets in the country is an attractive buy for the well-funded investor," said Jon Hallgrimson, executive vice president of CB Richard Ellis of Seattle, which handled the deal, in a statement.

Content Continues Below