Interstate Equities Corporation Acquires 124-Unit Multifamily Community In Bothell For $34.75M

The Marina at Martha Lake is a multifamily asset consisting of 124 garden-style units located at 16520 North Road in Bothell, WA. This property spans 6.42 acres and was sold for $34,750,000, translating to a price per unit of $280,242. Built in 1989, it offers a range of one- to three-bedroom units and modern amenities, making it a desirable residence in a market close to major employers in tech, biotech, and aerospace.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $34,750,000
• Units: 124
• Price Per Unit: $280,242
• Sale Date: 12/13/2024
• Address: 16520 North Road, Bothell, WA
• Acres: 6.42
• Buyer: Interstate Equities Corporation
• Seller: Security Properties
• Broker Representatives: Eli Hanacek, Kyle Yamamoto & Mark Washington - CBRE
• Mortgage Brokers: Jesse Weber, Ryan Jameson & Stephen Baird - CBRE

Interstate Equities Corporation (IEC) is the buyer of the property, showcasing their investment interests in multifamily housing. The transaction was facilitated by broker representatives from CBRE, ensuring effective management and support throughout the deal process.