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Value-Add Bothell Apartments Trade for $35M
CBRE arranged the sale of Woodstone Apartments, a 124-unit apartment community in Bothell, WA, to an undisclosed buyer for $34.75 million. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper with CBRE’s multifamily team in the Pacific Northwest represented the seller, Security Properties.
“Woodstone Apartments is a rare value-add opportunity on the Eastside,” said Washington. “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.”
The property is located at 16520 North Rd. in Bothell and was built in 1989. It sits on 6.42 acres with one-, two-, three-bedroom units, 86% of which are renovated. Tenants are located just outside Puget Sound’s Innovation Triangle, surrounded by large employers in the aerospace, tech, biotech and manufacturing industries.
- ◦Sale/Acquisition
