Home Finance MJR Development Sells Woodinville Apartment Asset for $21.2MM

MJR Development Sells Woodinville Apartment Asset for $21.2MM

MJR Development, Tiscareno, Bothell, Woodinville, The Foundation Group
Image Courtesy of MJR Development

By Meghan Hall

Despite the evolving real estate market, investors continue to close on deals throughout the  Puget Sound. Local developer MJR Development has disposed of one of its apartment assets, selling the Villas At Woodinville Village for $21.2 million, or about $544,000 per-unit. The buyer is BTAM Bellevue LLC, an entity associated with The Foundation Group, a local brokerage firm.

The property is located at 14625 NE 145th St., and the complex features 39 two-bedroom townhomes, according to MDR’s website. The units come equipped with stainless steel appliances, hardwood floors, glass mosaic, porcelain or ceramic tile and Brazilian hardwood decks. The property was designed by Tiscareno and Associates and was completed in 2007.

Woodinville itself, located just east of Bothell, is becoming an increasingly popular place to land for for both residents looking to still be within the Seattle metro area, but away from the main hustle and bustle of downtown or the main Eastside corridor, and investors, looking for opportunity to increase returns. Over the course of the past year, MainStreet Property Group and HAL Real Estate broke ground on its School House District project in the heart of downtown, while Colony Capital $68.35 million to acquire a 25-acre industrial property. The Woodinville Wine Village, also to be developed by MJR and Tiscareno, is also in the works. Once complete, the master-planned development will include 750,000 square feet of residential, office and retail.

BTAM Bellevue LLC has been active in recent months. According to public property documents, the entity also recently sold its 50 percent undivided interest in a 1.5-acre property in Bellevue, which is slated to become a 250-unit residential development called SummerHill Bel-Red. The site, which BTAM Bellevue disposed of along with its equity partner,  Eliott Khan Investments  (who also had 50 percent undivided interest), sold for $12.3 million to SummerHill Homes at the beginning of April.