SEATTLE, WA - 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.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.