(Editor’s Note: Snohomish County public records show that the sale price was $33.8 million, or approximately $307,272 per unit. The buyer was listed as the Housing Authority of Snohomish County, and the seller was listed as an entity affiliated with SEA/VAN Holdings, LTD.)
SEATTLE – March 2, 2023 – CBRE announced the sale of Madison Park, a 95,676-sq.-ft. multifamily community in Bothell, Washington. An undisclosed buyer acquired the property.
Eli Hanacek, Kyle Yamamoto, Jon Hallgrimson, and Mark Washington with CBRE’s Pacific Northwest multifamily team represented the seller.
Located at 20520 Bothell Everett Highway, Madison Park was built in 1990 with 110 apartment units comprised of one- and two-bedroom floorplans averaging 870 sq. ft. Community amenities include a fitness center and sauna, outdoor pool, clubhouse and an indoor dining room.
“This sale offered the chance for the buyer to acquire a well-maintained property in a submarket that is benefiting from the growth of the surrounding tech and life science industries,” said Yamamoto, senior vice president at CBRE. “Limited new supply of low-density garden-style apartments and tight submarket vacancy combine to support considerable future demand for housing in properties such as Madison Park.”
Madison Park’s proximity to large tech companies and fast-growing life science hubs in North Creek and Canyon Park adds to the region’s expansive talent pool. The property is also located near The University of Washington’s Bothell campus and a 20-minute drive to Downtown Bellevue.
