Arlington, VA-based equity REIT AvalonBay Communities just closed on the purchase of three parcels of land in Bothell for $13 million. AvalonBay acquired the property from Cunningham Real Estate Services, associated with Mark Cunningham and Lyle c. Martin, Trustee of the Lyle C. Martin Revocable Living Trust and Elizabeth Vanderveen and Harley D. O’Neil, Jr. and Michele D. O’Neil Trustees of the Harley and Michele O’Neil Living Trust and Joann Mitchell.
Currently on the site is Alpine Windows Systems, which occupies a portion of the land at 19720 Bothell Everett HWY. The site is currently classified as industrial property and is roughly 9.17 acres in size. The one-story building, built in 1979, is about 38,560 square feet. Though the site is listed as industrial, AvalonBay will likely redevelop the land for residential use, given that the company is an apartment developer.
AvalonBay has been an active player in the Seattle real estate market, and beside Seattle the company has a number of apartments developments in Bothell, Bellevue, Lynnwood, Kirkland and Redmond. One of their current apartments in Bothell is just up the street from the land the group just purchased. Avalon RockMeadow is located at 19905 Bothell Everett HWY. The complex was built in 199 and offers apartments offers 206 one, two and three-bedroom apartments.
Last year, AvalonBay proposed a mixed-use development in Seattle’s Belltown neighborhood located at 210 Wall Street in Seattle that includes 275 units. The company announced that it is spending over $534,000 per unit for a total of $146.9 million in capital cost. The development is one of six high-rise communities Avalon has under construction across the country, with another 20 mid-rise and garden communities, totaling $3.9 billion in capital costs. The company stated that it is expecting an average rent per home in the Belltown project to be at $3,510, which is even higher than two other highrise communities under construction for the company in Washington, DC and Brooklyn, NY. Those are expected to average $2,535 and $3,255 in Washington, DC and Brooklyn, respectively.