Carroll’s Creek Landing

Exclusive Multifamily Opportunity

18111 25th Ave NE  |  Marysville, WA 98271

OPPORTUNITY

Berkadia Seattle is pleased to announce it has been retained as the exclusive listing broker for Carroll’s Creek Landing in Marysville, WA.

This distinctive townhome community comprises 288 apartment homes with direct-access garages and average unit sizes exceeding 1,400 square feet, featuring a unit mix concentrated in spacious two-, three-, and four-bedroom floor plans.

Constructed in 2002, the property presents residents with a compelling alternative to home ownership while offering investors meaningful scale within the highly desirable Puget Sound submarket. The asset’s single-family rental characteristics are well positioned to attract residents seeking the space, functionality, and privacy of a home without the obligations of ownership.

Additional value-add potential exists through strategic interior upgrades, allowing investors to further align unit finishes with higher-end for-sale product in surrounding neighborhoods. This positioning could enhance the community’s appeal as a premium, amenitized alternative to home ownership at a more attainable price point.

Carroll’s Creek Landing sits in Marysville, which ranks among Washington’s fastest-growing cities with a population now above 75,000. The region continues to benefit from the ongoing build-out of the Cascade Industrial Center, which is adding tens of thousands of well-paying manufacturing jobs and driving household incomes above $140,000. With housing costs still significantly below Seattle and Bellevue and a straightforward commute, Marysville has become one of the Seattle MSA’s most sought-after suburban destinations and will ensure stable apartment fundamentals.

  • ADDRESS18111 25th Avenue NE
  • CITY, STATE, ZIPMarysville, WA 98271
  • COUNTYSnohomish
  • PARCEL NUMBER(S)31052000101800
    31052000200900
    31052000200901
    PP 2685680
  • ZONING(138) Multiple Family 201 - 300 units
  • SITE SIZE/ACREAGE57.73 Acres
  • BUILT2002
  • UNITS288
  • OCCUPANCY97%
  • BUILDINGS24
  • STORIESTwo
  • RENTABLE SF405,505 SF
  • AVERAGE UNIT SF1,408
  • AVERAGE MARKET RENT$2,728
  • AVERAGE MARKET RENT/SF$1.94

INVESTMENT HIGHLIGHTS

1400 SQUARE FOOT TOWNHOME UNITS: Carroll’s Creek Landing is a 288-unit townhome-style apartment community with direct-access garages, two-, three-, and four-bedroom floor plans averaging 1,400+ SF.

COMPELLING VALUE-ADD POSITIONING: Built in 2002, the community offers investors the opportunity to enhance an already differentiated asset within a desirable and supply-constrained suburban submarket.

POWERFUL ECONOMIC GROWTH DRIVERS: The ongoing build-out of the Cascade Industrial Center is adding tens of thousands of jobs, helping push area household incomes above $140,000.

DISCOUNT TO HOMEOWNERSHIP: The property offers the space and feel of a single-family home, with renters saving more than $2,000 per month versus average homeownership costs.

EXCEPTIONAL DEMOGRAPHIC MOMENTUM: Marysville’s population now exceeds 75,000, underscoring the strength of one of Washington’s fastest-growing cities.

STRATEGIC LOCATION NEAR MAJOR EMPLOYMENT CENTERS: Carroll’s Creek Landing offers convenient access to I-5, downtown Marysville, Boeing Everett, the Port of Everett, and Snohomish County’s regional tech hub.

TOP RATED SCHOOL DISTRICT: Located within the highly regarded Lakewood School District, the property benefits from strong community demand driven by quality schools, stable enrollment, and consistent regional population growth.

288

units

2002

Year Built

1,408

Avg. SF

ASSET

Carroll’s Creek Landing offers a range of 2, 3, and 4-bedroom homes, spanning from 1,106 to 1,599 square feet, each with a direct-access garage. The community is currently 97% occupied, reflecting strong demand for its high-quality living experience. The community distinguishes itself with a neighborhood-inspired layout, which promotes natural resident interactions and fosters a strong sense of belonging. Nestled within 20 acres of a Natural Growth Preserve, the community provides a serene living environment just minutes from Interstate 5. Key features include high-end kitchen cabinets, privacy fences, and hardwood plank flooring. Residents enjoy a swimming pool, a state-of-the-art fitness center, and a BBQ area. The community is conveniently located near shopping, retailers, and major employers, and is within the preferred Lakewood School District. Additional amenities include exclusive Amenify Home Services, central heating, garbage disposal, cable hook-up in all bedrooms, and a local school bus stop in front of the leasing center.

VALUE-ADD

Current ownership has already renovated 244 of 288 homes, leaving 44 remaining units as a clearly defined value‑add runway for the next owner. Existing upgrades include new flooring, shaker cabinetry, hard-surface countertops, and stainless-steel appliances.

Relative to neighboring townhome communities, Carroll’s Creek Landing currently trails newer single-family townhomes on rents despite offering comparable finishes. These newer single-family townhomes are achieving average rents of $2,723 per month, establishing a meaningful rent gap and a clear target for new ownership to draft behind as the remaining homes are renovated.

Executing a programmatic renovation on the final 44 homes is projected to increase NOI by approximately $814,420, driven by an average $163 per unit rent uplift. Recent leases have begun to prove this theory as we head into peak leasing season. Select renovated two-bedroom homes are achieving premiums of $219, while select three-bedroom homes are realizing premiums of $140 over unrenovated units, underscoring strong demand and tangible rent growth for updated homes.

In addition, there remains further upside opportunity to build upon the already completed renovations through targeted enhancements—such as the addition of plank flooring in bedrooms—which is expected to drive incremental rent growth and further strengthen overall returns.

$163+

Potential Renovation Premiums

$814K+

Potential NOI Growth
April 2026 T-12 to
Berkadia Reno Pro Forma


Current Renovated Unit

Contact Us

Investment Sales

BEN JOHNSON
Managing Director
WA CRE #114515
206.801.3144
[email protected]

 

DAVID SORENSEN
Managing Director
WA CRE #26603
206.801.3102
[email protected]

 

GEORGE PALLIS
Senior Director
WA CRE #138339
206.801.3070
[email protected]

PETER DUDUNAKIS
Associate Director
WA CRE #24008898
206.795.4169
[email protected]

Mortgage Bankers

ROBERT FALESE
Senior Managing Director
215.328.1321
[email protected]

ED SHIELDS
Associate Director
267.897.8416
[email protected]

Bellevue Office:

411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
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