NEWPORT BEACH, CA - Interstate Equities Corporation (IEC) is pleased to announce that it has acquired The Marina at Martha Lake, a 124-unit garden-style community, for $34.75 million.
Formerly known as Woodstone Apartments, the multifamily property was purchased from Security Properties in a transaction that bolsters IEC’s value-add strategy as it continues to expand in the Seattle market.
“We are constantly on the lookout for investment opportunities near employment centers where incomes are robust and people love to live,” said Marshall Boyd, President of IEC. “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.”
Last year, the U.S. Department of Commerce reported that the Seattle Metropolitan Area has one of the most productive economies in the nation with an increasing gross domestic product that grew by more than 6 percent in 2022. With relatively high wages from a diverse group of sectors, including a healthy shipping industry rooted in the Puget Sound, IEC expects the fundamentals of the region to remain stable and outperform most regions in the U.S. over the long term, Boyd adds.
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.
IEC thanks Mark Washington, Kyle Yamamoto, and Eli Hanacek of CBRE for their work on 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.
“As always, but especially in today’s environment, we rely on friends in the brokerage community for help in guiding us to compelling investment opportunities,” Boyd says. “We are actively working on new investment opportunities that we expect to announce soon.”
The Marina at Martha Lakes is located at 16520 North Road in Bothell, Washington.
About IEE: 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. More information is available at www.interstateequities.com