Vancouver, BC-based Woodbridge Northwest sold three developments at The Village at Beardslee Crossing for a total of $121,000,000 in a deal that closed June 15th. The buyer was Holland Residential LLC, an entity of Vancouver, WA-based Holland Partner Group.
The site is being developed in four phases of construction and includes four separate buildings. Phase 1A is a mixed-use building with 146 apartments with two levels of structured parking and a small commercial and retail space. Phase 1B will be a multifamily structure with 146 apartments and two levels of parking, and is currently under construction. Phase 2A is a 38,000 square foot commercial, retail and office structure with one level of structured parking and surface parking. Phase 2B is a mixed-use structure with 158 apartment units, 12,000 square feet of commercial and retail space and two levels of parking.
According to King County public records, Holland Residential purchased three parcels at the development, including two primary residential buildings and one retail building. The two residential buildings, Phase 1A and 2A sold for $102,500,000 or about $337,171 per unit, however it should be noted that about 15,750 square feet of retail space was included in that figure. The separate retail portion, Phase 2A, sold for $18.5 million.
The final phase of the development, which will provide additional 146 units of residential housing, is expected also to sell to Holland Residential once it is complete, according to sources familiar with the sale. Holland also took out a Freddie Mac loan for $72.6 million or about a 64 percent of the purchase, which was arranged by HFF, according to public records.
The Village At Beardslee Crossing is located at 19128 112th Ave. N.E. in Bothell and sits on an 8.5 acre site located near the University of Washington Bothell campus. The community offers one- and two-bedroom units and have a selection of designer finish packages including energy-efficient appliances, custom kitchen backsplashes, granite countertops in bathrooms and kitchen, hardwood floor, in-unit washer and dryer, and private patios and balconies in some units. The community also features a pool table, shuffleboard and a theatre room.
All the projects include common space amenities and private open spaces. In total, when completed the project will feature 450 apartment units, 52,000 square feet of commercial space and parking for 1,000 cars.
In the summer of 2015, UW Bothell moved some leadership and administrative offices to the development. According to UW’s website, “The move made it possible to convert offices into classrooms and faculty work space. By creating additional academic space, UW Bothell will be able to accommodate projected enrollment growth of 300 FTE students.”
The university is leasing two suites at the development including a 3,000 square foot suite for the chancellor and vice chancellors and a larger 13,000 square foot open concept office with a number of shared spaces including large and small conference and meeting areas, workrooms and a kitchen and break room area.
Groundbreaking on the apartment building began in July of 2012 and aimed to integrate the history of Bothell into the project using four key elements unique to the area including education, industry, forestry and environment.
Beardslee Development, LLC developed the project and Veer Architecture served as the architect on the project. YT Engineers, PACE and Zollner Landscape Architecture were also part of the team.