Seattle Suburb Community Trades for $93M
The garden-style property consists of 20 buildings.
LaSalle Investment Management has sold Stonemeadow Farms, a 280-unit community in Bothell, Wash., for $93.1 million. Acacia Capital purchased the property while CBRE originated a Fannie Mae loan on behalf of the transaction, Yardi Matrix data shows.
Stonemeadow Farms consists of 20 buildings situated on approximately 29 acres. Originally constructed in 1999, the garden-style community underwent renovations from 2014 to 2018. Upgrades include stainless steel appliances, shaker-style cabinet faces, mosaic and subway tile backsplashes, black quartz countertops and under-mount kitchen sinks.
Each homes has a private balcony, wood-style flooring and deep soaker-style bathtubs. Amenities include a 24-hour fitness center, clubhouse with kitchen and lounge, pool and an outdoor terrace with fire pits and grilling areas. The community is approximately 97.5 percent occupied, according to Yardi Matrix data.
Stonemeadow Farms, located at 23028 27th Ave. SE, offers access to major employers in Bothell and throughout the Eastside region. It is located just off of Interstate 405 and nearby SR-522.
Bothell is approximately 17 miles northeast of Seattle and straddles King and Snohomish counties. Residents are nearby retail, dining and entertainment options as well as shopping centers, parks and business centers. The University of Washington, Bothell is less than 5 miles from the community.
JLL Capital Market’s Investment and Sales Advisory team, led by Senior Managing Directors David Young and Corey Marx and Senior Director Chris Ross, represented the seller in securing the buyer for the transaction.
In August, Security Properties sold Woodstone Apartments, a 124-unit apartment community in Bothell, Wash., for $34.75 million in a deal arranged by CBRE. Woodside Apartments is on the East Side of Bothell, at 16520 North Rd., where only one other development with over 100 units under construction is located.