Woodstone Apartments, a 124-unit apartment community in Bothell, Washington traded hands in a $34.75 million ($280k/unit) transaction. The asset was sold by Security Properties.
Built in 1989, Woodstone Apartments is located at 16520 North Road in Bothell. The property sits on 6.42 acres with one-, two-, three-bedroom units, 86% of which are renovated. The unit mix consists of 2-3 bedrooms and 1-2 bathrooms ranging from 900 to 1,200 square feet. Community amenities include a pool, spa, fitness center, playground and clubhouse.
The property is across the street from Martha Lake, a three-minute drive to the Mill Creek Town Center and a 30-minute drive to Bellevue and Downtown Seattle. Tenants are located just outside Puget Sound’s Innovation Triangle, surrounded by large employers in the aerospace, tech, biotech and manufacturing industries.
Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper with CBRE represented the seller in the deal.
“Woodside Apartments is a rare value-add opportunity on the Eastside. There is only one other development over 100 units under construction in Bothell and its proximity to the region’s largest employment centers and amenities, affluent demographics and strong market fundamentals make the property a well-positioned asset,” noted Mark Washington.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
