Home Finance Stratton Properties Buys 40-Unit Woodinville Apartment Building for $14.1MM

Stratton Properties Buys 40-Unit Woodinville Apartment Building for $14.1MM

Stratton Properties Inc, Eagle Ridge Apartments, King County, Woodinville, Seattle, Sammamish River, Wilmot Gateway Park, Woodin Creek Park, Westlake Associates Inc, Northern Industrial Inc, Redapt, Harvest Retail Partners LLC, Harvest, Wood Mountain LLC

By Kate Snyder

Though much of the real estate transactions that Woodinville has seen throughout the past year have been on the commercial or industrial side, one recent deal involving an apartment community shows that the city is still a place of interest for multifamily investors. According to King County public records, the Eagle Ridge Apartments traded hands for $14.1 million, or about $353,180 per unit. The buyer was Stratton Properties, Inc., and the seller was an entity affiliated with Westlake Associates, Inc., a Seattle-based real estate investment firm.

Located at 12315 NE Woodinville Drive, the complex is a three-story building with 40 units, consisting of studios as well as one- and two-bedroom apartments. Apartment amenities include washers and dryers, smoke-free options and on-site parking availability, according to Apartments.com. Community amenities include a fitness center and an on-site property manager. Nearby attractions include the Sammamish River, Wilmot Gateway Park and Woodin Creek Park, according to Google Maps.

Westlake Associates has been based in Washington since 1975, according to the firm’s website, and is focused on investment property sales, commercial leasing, property management and comprehensive real estate services. 

Other recent transactions recorded in Woodinville have been on the industrial and commercial side. Earlier this year, Northern Industrial, Inc., purchased a 66,000 square foot, single-tenant industrial building located at 14051 NE 200th St. for $24.5 million, or about $371 per square foot, according to The Registry’s previous reporting. That building last traded hands in 2018 for $10.625 million, or approximately $159 per square foot. Technology service provider Redapt occupies the entire facility for their corporate office and production requirements.

Throughout the year, acreage inside Woodinville’s master planned, mixed-use community Harvest has been bought up. In one transaction, Harvest Retail Partners LLC, a development company based in Sun Valley, Idaho, purchased a vacant 3.7-acre site for $15 million from Wood Mountain, LLC, a joint venture that acquired the property in 2018. A separate 2.7-acre mixed-use development site also sold for $19 million to a national development company. Harvest is slated to be a mixed-use community anchored by a 165-room hotel and spa and offering various wine tasting venues as well as featuring a mix of retail, residential and commercial space.