Interstate Equities Corporation has acquired The Marina at Martha Lake, a 124-unit garden-style community in Bothell, for $34.75 million.
CBRE’s Mark Washington, Kyle Yamamoto, and Eli Hanacek brokered the transaction. The deal was closed with all cash, and IEC is exploring a GSE loan with the CBRE debt team of Jesse Weber, Stephen Baird, and Ryan Jameson.
Formerly known as Woodstone Apartments, the multifamily property was purchased from Security Properties. “This community by Martha Lake in the Bothell submarket is ideal in that it will be supported by the nearby Innovation Triangle that includes large employers in tech, biotech, aerospace, and manufacturing,” said Marshall Boyd, President of IEC.
Built in 1989, The Marina at Martha Lake sits on 6.42 acres and has a mix of one-, two-, and three-bedroom units. The community has modern amenities including a pool, spa, fitness center, playground and clubhouse. It is conveniently located minutes away from the Mill Creek Town Center and a half-hour commute to Bellevue and Downtown Seattle.
Founded in 1981, Interstate Equities Corporation (IEC) is an institutional fund manager that invests in and transforms California apartment communities on behalf of endowments, foundations, family offices and pension funds. With 40 years of industry expertise, IEC has navigated multiple investment cycles, investing in more than 120 apartment communities over the past 40 years with this investment thesis. Utilizing repositioning strategies via its integrated property management platform, IEC secures and generates value for its long-term partners. The firm credits strong relationships and an academic, data-driven approach to investment and property management as the core of the consistent results it delivers to investors.
