Westland Investors Announces the Acquisition of TerraVerde, Together With Investment Partner CREC Real Estate, in Everett, WA

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Dec 07, 2021, 16:57 ET

PORTLAND, Ore., Dec. 7, 2021 /PRNewswire/ -- Westland Investors announced today the purchase of Terra Verde Apartments, together in an investment partnership with CREC, a private equity real estate firm headquartered in Columbus, Ohio. The two investment groups will rebrand the upgraded community after substantial rehab has been completed. The property houses 65 apartment units of a 73-unit condominium. The building was constructed in 1980 and converted into condominiums in 2008.

The partnership plans to upgrade the facade of the building, renovate the leasing office, and revamp and improve the common area space to have more of a community feel. The interiors are in excellent shape with quality materials, and Westland and CREC are looking forward to bringing cohesiveness to the style and finishes in the unit interiors. In addition, the partnership will work together with the residents in order to transform the space into precisely what the community values.

"We're thrilled to be adding 65 units to our growing group of properties in the Seattle area," said Carson Halley, Head of Business Development from Westland. "In addition, this is our first partnership with CREC, an investment firm we know and admire and look forward to continuing similar partnerships in the future."

For more information about Terra Verde or other Westland properties, please contact Carson Halley at [email protected].

About Westland Investors:

Westland Investors' focus for more than 40 years has been primarily in multi-family housing in the US Pacific Northwest with over 600 units and $250,000,000 under management. In addition, they own and operate a dedicated in-house property management company, Centro Management allowing for end-to-end service.

About CREC

Founded in 2001, Core Real Estate Capital (CREC) has grown to be an institutional-caliber private equity real estate investment management firm with over $1B of real estate assets under management. CREC focuses on value-add multifamily acquisitions and select ground-up development in supply constrained, high barrier-to-entry markets nationwide.