Nimbus Apartments: $49M sale secured for new luxury multifamily property in Washington

SEATTLE, Jan. 30, 2025 – JLL Capital Markets announced today that it has secured the $49 million sale of Nimbus, a 165-unit luxury multifamily property in Everett, Washington.

JLL worked on behalf of the seller, Trent Development. The buyer was CEP Multifamily.

Nimbus Apartments, located at 2701 Rockefeller Ave., offers residents outstanding access to major employers in the area, including Boeing's largest manufacturing facility and Naval Station Everett. The community is situated within five minutes of I-5, providing easy connectivity to the broader Seattle metro area.

Everett continues to be a dynamic submarket within the Seattle MSA, benefiting from its strong employment base, growing population and relative affordability compared to closer-in Seattle neighborhoods. The city's participation in the Multifamily Tax Exemption (MFTE) program further enhances the appeal of multifamily investments in the area.

Completed in 2022, Nimbus is a modern eight-story residential complex offering a mix of studios, one- and two-bedroom units. The complex features luxury-grade finishes such as soft-close cabinets, stainless steel appliances, quartz countertops, modern tile backsplashes and over nine foot ceilings. Residents can also enjoy an extensive amenity package including a coworking lobby, top-of-the-line fitness room, fully-stocked arcade, cloud room with an entertaining kitchen and a rooftop lounge with mountain views.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors David Young and Corey Marx and Senior Director Chris Ross.

"The sale of Nimbus demonstrates the continued investor interest in high-quality multifamily assets in the Puget Sound region," said Young. "Everett's strong fundamentals, coupled with the property's exceptional quality and strategic location, made this an attractive acquisition opportunity in today's market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Trent Development Group, with 42 years of experience and a track record of delivering 2,457 units, stands as a cornerstone in the real estate development industry. Their expertise spans architectural design, construction, finance and market dynamics, enabling them to manage 1,693 units and oversee a total capitalization of $916 million, while consistently anticipating challenges and minimizing risks in every project.

CEP Multifamily is a private equity real estate investment firm that offers accredited investors direct investment opportunities in suburban apartment communities across the Pacific Northwest, focusing on workforce housing in supply-constrained submarkets with strong economic fundamentals. The company, formerly known as Coast Equity Partners, aims to deliver balanced returns through reliable cash flow and solid appreciation over time.