CBRE recently facilitated the sale of Woodstone Apartments, a 124-unit apartment complex in Bothell, WA. The undisclosed buyer purchased the property for $34.75 million with assistance from CBRE’s Pacific Northwest multifamily team consisting of Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper who represented the seller, Security Properties.
According to Washington, Woodstone Apartments presents a unique opportunity for value enhancement on the Eastside due to its prime location and limited competition in Bothell. With only one other development over 100 units currently under construction in this area and its close proximity to major employment centers and affluent demographics, this property is well-positioned as an attractive asset.
Built in 1989 on a spacious 6.42-acre lot at 16520 North Rd., Woodstone Apartments offers one-, two-, and three-bedroom units with approximately 86% already renovated. Its strategic location just outside Puget Sound’s Innovation Triangle places tenants near top employers in industries such as aerospace manufacturing technology and biotechnology.
