Tribal Housing Powerhouse Quietly Grabs Everett’s Waterford for $53M

The Spokane Indian Housing Authority has quietly widened its Puget Sound footprint, shelling out roughly $53.3 million for Waterford Apartments, a 200-unit complex just steps from Silver Lake in Everett. Snohomish County recorded the deal in late April, adding another sizable purchase to the Wellpinit-based tribal housing agency’s growing list of holdings.

Deal Packaged and Financed by Newmark

Brokerage firm Newmark arranged the sale and helped secure Freddie Mac financing for the transaction, which industry notices pegged at about $53.3 million. In marketing materials, Newmark played up Waterford’s resort-style amenities and past renovation work, and Newmark Multifamily executive Marty Leith said, “We’re thrilled to be a part of the largest Everett sale in the last 12 months.” As reported by ConnectCRE, the property totals 200 units at 2020 Lake Heights Drive.

Property Details, Price and Timing

Waterford, at 2020 Lake Heights Drive, was built in 1989, with amenity upgrades added in the 2010s. The Spokane Indian Housing Authority’s acquisition and the roughly $53.3 million price surfaced in market notices and local business press coverage. As reported by Puget Sound Business Journal, the agency closed on the Everett complex in late April.

Part of a Wider Buying Spree

The Everett purchase follows several large Western Washington deals tied to the tribal housing arm, including a roughly 570-unit acquisition in Mill Creek and other multifamily buys in Burien and Kent over the past year. Taken together, those moves have quickly pushed the agency into a much larger regional footprint. Industry coverage of those earlier purchases is detailed by The Registry.

Tribal Title, Ground Leases and Tax Questions

Some recent deals in the region have used a structure in which the land is deeded to a tribal housing entity and the operating company signs a long ground lease, a setup that can make a property tax-exempt and alter how transactions show up in county records. In federal filings tied to a Mill Creek transaction, an investor deeded land to the Spokane Indian Housing Authority and a 99-year ground lease was executed, “making the Property fully exempt from property taxes,” according to public PGIM/SEC filings. Those filings and local coverage have both flagged related recording quirks, and the Daily Journal of Commerce reported that Snohomish County recorded the Waterford transfer in a non-standard fashion. DJC

What Residents Might See Next

The Spokane Indian Housing Authority’s stated mission centers on affordable housing, tenant services and weatherization programs, but the agency has not yet laid out specific plans for management or rents at Waterford. SIHA’s website describes its mission and its programs for rental assistance and homeownership supports. County records, along with official statements from SIHA or the property manager, will ultimately show whether Waterford is placed under long-term affordability restrictions.

For now, the Waterford sale underscores how tribal housing entities are emerging as active buyers in the Puget Sound apartment market. We will be watching for further filings and statements from the Spokane Indian Housing Authority, Snohomish County and the property’s management for additional details. The Registry has been tracking the agency’s recent purchases and related filings.