Prime Seattle suburb multifamily asset trades hands for $93.1M

SEATTLE, Oct. 23, 2024 – JLL Capital Markets announced today that it has arranged the $93.1 million sale of Stonemeadow Farms, a 280-unit apartment community in Bothell, Washington.

LaSalle Investment Management, the seller, was represented by JLL in securing the buyer for the transaction.

Stonemeadow Farms, located at 23028 27th Ave SE, offers a prime location with convenient access to major employers in Bothell and throughout the Eastside region. Just off the I-405 and a quick access to SR-522, the community is close to a variety of shopping centers, retail and entertainment opportunities, parks, business centers and the University of Washington Bothell.

Bothell, Washington is an affluent city located approximately 17 miles northeast of Seattle in the northwestern United States. Straddling both King and Snohomish counties, Bothell is part of the Greater Seattle MSA. The city benefits from its proximity to major tech employers and a robust public transportation system. Reflecting its desirable status, Bothell's real estate market is notably strong, with average single-family home prices reaching around $1.27 million and townhome prices hovering near $860,000.

Stonemeadow Farms is an impressive 20-building community spanning 29.11 acres. Originally constructed in 1999, this garden-style complex underwent extensive renovations from 2014 to 2018. The updated units now boast modern features including stainless steel appliances, shaker-style cabinet faces, mosaic and subway tile backsplashes, black quartz countertops and undermount kitchen sinks. Each apartment also offers private balconies, luxury wood-style flooring and deep soaker-style bathtubs. Residents can take advantage of numerous community amenities, such as a newly renovated 24-hour fitness center, a clubhouse with a kitchen and lounge, a resort-style pool and an outdoor terrace complete with fire pits and BBQ areas.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors David Young and Corey Marx and Senior Director Chris Ross.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Investing Today. For Tomorrow. LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.