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12/04/24
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Interstate Equities Corporation (IEC) has acquired The Marina at Martha Lake, a 124-unit garden-style community in Bothell, WA, for $34.75 mil ($280.2k/unit). Formerly known as Woodstone Apartments, the multifamily property was viewed as a value-add opportunity.
Built in 1989, The Marina at Martha Lake sits on 6.42 acres at 16520 North Road 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.
The property was sold by Security Properties. Mark Washington, Kyle Yamamoto, and Eli Hanacek of CBRE represented the buyer in the all-cash transaction. CBRE’s Jesse Weber, Stephen Baird and Ryan Jameson are working with IEC to arrange new financing on the property.
“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.”
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