Home Finance Bothell’s Six Oaks Fetches $63MM

Bothell’s Six Oaks Fetches $63MM

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The Six Oaks mixed-use development in downtown Bothell now has a new owner. Vancouver, BC-based Belkorp Holdings is the reported buyer of the development for which it paid $63 million or $310,344 per unit. Belkorp is part of larger entity, Belkorp Industries Inc., a multi-asset investment firm. The seller of the property was MainStreet Property Group.

Six Oaks is a 203-unit apartment building with a 9,000-square-foot retail area. The mixed-use development had already leased up all its retail space to tenants that include BECU, a credit union, and Amaro Bistro.

The city has become increasingly attractive to developers due to the growth in the number of biotech, medical and other employers in the area, as well as the University of Washington Bothell campus, which houses almost 5,000 students. Some of the major employers in the area include AT&T, Seattle Genetic and Philips Ultrasound, among others.

Bothell began its revitalization project several years ago when it initiated development of around 25 acres that the city subdivided and resold to various developers. This was in addition to $150 million of infrastructure upgrades that the city put in resulting in more than $250 million of private investment currently under way or completed.

The city is also home to the new McMenamins Anderson School, which opened last week. The Portland-based McMenamins spend $26 million renovating and 84-year old Bothell schoolhouse, which has been converted to an entertainment complex and a hotel.