Washington State Property Trades
CBRE facilitated the sale of Woodstone Apartments, which were built in 1989.

Security Properties has sold Woodstone Apartments, a 124-unit apartment community in Bothell, Wash., for $34.75 million. CBRE arranged the deal. The identity of the buyer could not immediately be learned.
Woodside Apartments is on the Eastside of Bothell, at 16520 North Road, where there is only one other development with over 100 units under construction The property’s proximity to the region’s largest employment centers and amenities, affluent demographics and strong market fundamentals make the property a well-positioned asset, according to CBRE.
The property was built in 1989 and sits on 6.42 acres, offering one-, two- and three-bedroom units, 86 percent of which are renovated. Community amenities include a pool, spa, fitness center, playground and clubhouse.
CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of the firm’s Pacific Northwest multifamily team, represented the seller.
Near Seattle, tech jobs
Situated across the street from Martha Lake, the property is a three-minute drive to the Mill Creek Town Center and a 30-minute drive to Bellevue and Seattle’s downtown. Tenants are located just outside Puget Sound’s Innovation Triangle and surrounded by large employers in the aerospace, tech, biotech and manufacturing industries.
Bothell has 28 properties totaling 3,709 units, as of June. Nearly 2,000 of its units are five years old or less. The average rent in the market is $2,213 and its occupancy rate is 95.2%. Its inventory growth ranks second among 52 submarkets. There are 1,244 units being constructed with a completion date in 2024.