CBRE Facilitates Sale of Bothell Multifamily Community
CBRE’s Pacific Northwest multifamily team of Eli Hanacek, Kyle Yamamoto, Jon Hallgrimson and Mark Washington has facilitated the sale of Madison Park, a 96,000-square-foot apartment community in the Seattle submarket of Bothell, WA. The buyer and the purchase price were not disclosed.
“This sale offered the chance for the buyer to acquire a well-maintained property in a submarket that is benefiting from the growth of the surrounding tech and life science industries,” said Yamamoto. “Limited new supply of low-density, garden-style apartments and tight submarket vacancy combine to support considerable future demand for housing in properties such as Madison Park.”
Located at 20520 Bothell Everett Highway, the 110-unit complex features one- and two-bedroom units averaging 870 square feet. Community amenities include a fitness center and sauna, outdoor pool, clubhouse and dining room. Nearby employment centers include tech and life science hubs in North Creek and Canyon Park as well as the University of Washington’s Bothell campus.
Image courtesy of Mark Griffith