Sea 2 Sky Partners Acquires Lynnwood Apartment Complex for $34 Million
Sea 2 Sky Partners, a Seattle-based real estate investment firm, has acquired the 126-unit Station Nine Apartments in Lynnwood, Washington, for $34 million. Snohomish County recorded the transaction in mid-August 2026, adding a garden-style multifamily asset to the firm's portfolio as investor interest in Snohomish County's apartment market continues to build.
Deal Details and Property Profile
The property, located at 16720 Sixth Ave. W. in Lynnwood's Martha Lake area, was sold by TLUS Rise Lynnwood LP, an entity associated with Rise Properties Trust and Tokyu Land US Corp. The $34 million purchase price equates to approximately $269,841 per unit.
Station Nine Apartments was built in 1988 and offers one- and two-bedroom floor plans ranging from approximately 535 to 958 square feet, with some three-bedroom layouts reaching up to 1,117 square feet. Interior features consistent with the property's late-1980s suburban construction include decks and patios, separate dining spaces, and wood-burning fireplaces. The complex sits within the Edmonds School District.
Recent asking rents at the property have ranged from roughly $1,680 to $1,935 per month for one-bedroom units and approximately $1,975 to $2,170 per month for two-bedroom units, positioning Station Nine at the heart of the Snohomish County suburban rental market.
Pricing in Historical Context
The $34 million sale price reflects a notable shift from the asset's recent valuation history. Rise Properties Trust acquired Station Nine in 2012 for nearly $14 million. A 2022 recapitalization, completed when Rise partnered with Tokyu Land US Corp., valued the property at approximately $40 million. The 2026 sale to Sea 2 Sky Partners therefore represents a discount of roughly 15 percent to that 2022 recapitalization value, while still representing approximately a 2.4 times multiple on Rise's original 2012 acquisition basis.
Financing terms for the transaction have not been made public.
Snohomish County Multifamily Market Context
The acquisition comes as Snohomish County's multifamily market has drawn increasing attention from investors. Multifamily cap rates in the county were reported at approximately 5.9 percent in the first quarter of 2026, with submarket indications pointing to compression toward roughly 5.1 percent by the second quarter. Per-square-foot pricing for Snohomish County multifamily assets tracked around $280 in the first half of 2026, a benchmark broadly consistent with Station Nine's implied pricing given the property's unit sizes and the recorded sale price.
Sea 2 Sky Partners' purchase of Station Nine expands the firm's footprint in the greater Seattle metropolitan area, where suburban multifamily assets have attracted sustained capital amid tight housing supply across the Puget Sound region.
About the Parties
Sea 2 Sky Partners is a Seattle-based investment firm focused on multifamily and related real estate strategies in the greater Seattle metropolitan statistical area. The seller, TLUS Rise Lynnwood LP, is associated with Rise Properties Trust and Tokyu Land US Corp., which had held the asset since the 2022 recapitalization.
Sources: Kidder Mathews; Puget Sound Business Journal.