December 15, 2015

At $143M, Bothell apartment sale is one of the biggest deals for 2015

Photo courtesy of Greystar [enlarge]

A Bothell complex built in the 1980s and 90s has sold, and the price is one of the highest for an apartment complex this year.

An entity that shares a Chicago address with LivCor Multifamily Asset Management paid $143.3 million for Avana 522, a 558-unit complex at 18101 126th Avenue N.E. The price works out to approximately $256,858 per unit.

An entity related to Greystar is the seller. The Charleston, South Carolina, firm bought the complex in 2012 from Archstone for $91.5 million. At the time, CBRE's Jon Hallgrimson told the DJC the complex was attractive because of its proximity to Bothell's high tech jobs.

Bothell has continued to grow as a high tech and biotech center, and the city is redeveloping downtown.

Avana 522 fetched the third highest price for an apartment complex so far this year, according to Dupre + Scott Apartment Advisors. Premiere on Pine at $243 million and Dimension by Alta at $144 million sold for more.

Avana at Forbes Creek, a Kirkland complex that Greystar bought for $128 million, is the only other suburban complex to sell for more than $100 million so far this year, according to Dupre + Scott. That 496-unit complex sold for $258,065 per unit in June.

The other apartment deals for more than $100 million this year have been for Seattle complexes built in the last six years with per unit prices ranging from $391,000 to $623,000, according to Dupre + Scott.

On its website LivCor doesn't list any properties in Washington. The firm says it has a portfolio of 35,000 units in 19 states.