By Jack Stubbs
Vancouver, Washington-based Holland Residential has had a number of residential developments reviewed by the city of Seattle over the last several months, and the company recently made moves to expand its Puget Sound region portfolio. On Friday, November 30th, the Saskia at Beardslee Crossing Apartments in Bothell sold for $44.875 million, or approximately $305,272 per unit, King County records show. The seller was Gateway Apartments Phase 1B LP, an entity affiliated with Kevin Johnston based in Bellevue.
Holland Residential could not be reached for comment in time for the publishing of this story.
The five-story Saskia at Beardslee Crossing property, located at 19121 112th Ave. NE in Bothell north of Seattle, was built in 2017 and contains 147 units, according to public documents. According to the property listing on zillow.com, the property offers a mix of studio, one- and two-bedroom units that rent for between $1,500 and $2,350 and range from 487 to 1,278 square feet.
Holland Residential’s web site for the property describes Saskia at Beardslee Crossing as “tech savvy and design-driven…a next generation luxury residential community at the forefront of Bothell’s renaissance as a hip, walkable neighborhood with easy access to creative class jobs, transportation and recreation.” Some of the in-unit amenities at Beardslee Crossing include plan flooring and high-end cabinetry, luxury bath salons full-size washer and dryers and stainless steel appliances.
Residents at the apartment complex “enjoy amenities that create a sense of lifestyle and community centered around upscale restaurants and retail,” some of which include Public House, Starbucks and Dailey Method Yoga.
The property is just north of the University of Washington Bothell and approximately one mile northeast of downtown Bothell. Saskia at Beardslee is also roughly five miles from access to Interstate-405.
Along with the recent sale of Saskia at Beardslee Crossing, another apartment property in late October changed hands for a signifiant sum. On October 31st, Los Angeles-based Decron Properties acquired the 558-Unit Avana 522 Apartments in Bothell—located at 18511 126th Ave. NE—for $173 million, or approximately $310,036 per unit, from Blackstone Group.
Founded in 2000, Holland Residential creates and manages luxury apartment communities in key U.S. markets, according to the company’s web site. The property provides a wide array of management services to its residents including on-site personnel and human resources services. Some of the company’s Seattle assets include the 18-story 236-unit Coppins Well complex in First Hill and Dimension, a 26-story 298-unit luxury apartment complex built in 2014 and located in Belltown. The company also manages properties further afield in the Puget Sound region, with assets in Renton and Issaquah, among other locations.
Holland Residential’s capture of Saskia at Beardslee Crossing comes almost a year after the company made a significant splash in Seattle’s residential market. In mid-December 2017, the company partnered with New York-based Blackstone Group on the sale of two apartment complexes on the edge of Lake Union for a combined $325 million: the 325-unit Westlake Steps and Marina SLU sold for $170 million ($523,077 per unit) and the 317-unit One Lakefront Apartments sold for $155 million ($488,959 per unit).
Holland Partners in mid-September received positive news about one of its in-the-works residential developments: on September 26th, a proposal submitted by Holland Partner Group and Seattle-based Weber Thompson to build a 435-unit residential tower, located 1000 Virginia Ave., was given the green light at an Early Design Guidance meeting.
