Bothell Mixed-Use Development Sells to Mesirow

A Chicago-based real estate investment firm registered the Seattle region’s second biggest multifamily deal of the year so far.

Mesirow acquired a mixed-use apartment complex in Bothell for $177 million, the Puget Sound Business Journal reported. The firm picked up the 451-unit Villas at Beardslee from Vancouver, Washington-based seller Holland Partner Group.

Holland Partner Group bought the buildings in separate transactions between 2017 and 2018, paying a total of nearly $165.5 million for the property, the Business Journal reported. The Villas at Beardslee’s four parcels have a total tax assessment value of $184 million, per the Business Journal.

The development was completed in phases between 2014 and 2017 with Rush Construction Company and Sierra Construction serving as general contractors on the project. Prior to groundbreaking, an entity linked to Valstand Private Equity bought the land from the City of Bothell.

The Villas at Beardslee complex spans 486,000 square feet across five buildings on 7.5 acres of land. In addition to residences, the development includes 62,000 square feet of commercial space. Those tenants include Beardslee Public House, Wildwood Spirits Company, Starbucks, Milan Laser Hair Removal, White Lotus, Marlowe Boutique and Livewell Animal Urgent Care. Residents can choose between studios, one- and two-bedroom units at the property.

The year might be mostly over, but records are still being set in the Seattle region for the priciest sales this year.

Last month, Security Properties acquired five Seattle-area multifamily properties from Washington Holdings for $400.8 million, marking the biggest real estate transaction by sale price so far this year.

The portfolio contains a total of 903 units. In Seattle, those properties include the Liza apartments in Eastlake, The Hemlock apartments in Greenwood and The Hayes on Stone Way in Fremont. The transaction also included Carter on the Park and Heron Flats & Lofts in downtown Redmond. In total, the buildings boast more than 900,000 square feet.

— Chris Malone Méndez