Stonemeadow Farms_Property for Sale
Stonemeadow Farms_Property for Sale
23028 27th Ave SE, Bothell, WA, 98021-7874, US

Stonemeadow Farms

Asset description

Built in 1999, Stonemeadow Farms Apartments (the “Property”, “Subject”, or “Stonemeadow Farms”) is situated on a sprawling 29 acres that is within close proximity to major employers in Bothell and on the Eastside. The Property consists of 280 units spread out amongst 20 buildings units complete with a host of well-maintained and recently renovated community amenities including a 24-hour fitness center, clubhouse with a kitchen and lounge, resort-style pool, and an outdoor terrace with fire pits and barbeques.


In addition, a future buyer will have the opportunity to renovate the Property’s 270 partially renovated units, bringing all apartments to market premium finish levels and enhancing upside potential for a future owner. Potential upgrades include luxury unit features designed to align Stonemeadow Farms with Bothell’s newest apartment communities. New investors will be able to realize significant, proven rent premiums that will bring the achieved rent close to $2,500 per unit through the implementation of a comprehensive luxury-grade interior renovation program. The Property presents investors with ample rental upside as only 10 units have received the higher-end renovation. Common areas have been recently updated, and the Property has been exceptionally well-maintained allowing a new owner to focus on revenue enhancement via unit upgrades. Additionally, the Property has been institutionally owned for over 20 years.


New ownership will benefit from the strength of the Bothell submarket, which is driven by the wealth and education of its residents, as well as its accessibility to top-tier employment. Residents at Stonemeadow Farms are proximate to major employment hubs on the Eastside, higher education, a highly regarded public school district, and the rapidly growing life science market in Bothell.

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Attributes

Units
280
Land area net
29.11 acres
Building area net
228,030 sf
Year built
1999
Parking spaces
682

Media

Investment highlights

  • Opportunity for rental upside by completing current high-end renovation program
  • Proximate to major employers in Bothell and on the Eastside
  • Significant discount to homeownership
  • Quick access to ample retail and entertainment amenities in Bothell and Woodinville
  • Outstanding access to regional thoroughfares
  • Superb neighborhood demographics
Stonemeadow Farms 4_Property for Sale
Stonemeadow Farms 4_Property for Sale

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Stonemeadow Farms (0 Properties)

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Last updated
Jul 9, 2024