SEATTLE, WA - CBRE arranged the sale of Woodstone Apartments, a 124-unit apartment community in Bothell, WA, 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.
“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 region’s largest employment centers and amenities, affluent demographics and strong market fundamentals make the property a well-positioned asset,” said Mr. Washington, executive vice president at CBRE.
Woodstone Apartments is located at 16520 North Road in Bothell and was built in 1989. The property sits on 6.42 acres with one-, two-, three-bedroom units, 86% of which are renovated. 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.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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. Please visit our website at www.cbre.com.