Sagard Real Estate Acquires 222-Unit Terra @ Monroe Apartment Community for Renovations

Sagard Real Estate has acquired Terra @ Monroe, a 222-unit multifamily community located at 18463 Blueberry Lane in Monroe, Wash. The asset, situated on roughly 10 acres, was purchased on behalf of the buyer’s core-plus open-end fund. Sagard Real Estate plans to renovate a portion of the units within the 20-building complex.

Completed in 1991 and formerly known as Morning Run, the property features one-, two-, and three-bedroom floorplans ranging from 758 to 1,132 square feet. Amenities include a fitness center, clubhouse, swimming pool, and nearly 400 parking spaces. The community was previously owned by CEP Multifamily, which acquired it in 2013 for $26.4 million.