BOTHELL — A Seattle real estate firm has paid $26 million for the 124-unit Bordeaux Apartments near Martha Lake.
Security Properties announced Wednesday that it had purchased the apartments at 16520 North Road, which is between Bothell and Mill Creek.
The location is ideally located near shopping and jobs, said Davis Vaughn, director at Security Properties, in a news release.
The apartments, built in 1989, are 10 miles south of Everett and 20 miles from Seattle and Bellevue.
The apartments are close to the I-5 and I-405 interchange, making an easy commute north, south and east.
Security Properties also noted that the Alderwood mall is just a 10-minute drive away. Further, Martha Lake is home to about 17,000 people with an average household income of about $93,000 a year.
“As the Seattle (metropolitan statistical area) continues to grow, we expect this location to thrive resulting in excellent returns for our investors,” Vaughn said in the release.
Security Properties plans to renovate all the common areas and all deferred maintenance will be done.
The company intends to “modestly renovate” the original 96 units. Plans call for adding black appliances, new flooring, lighting and plumbing and baseboards and other features.
The company did not say if rental rates will increase, but did say the apartments have “value-add potential we will unlock with our renovation program and enhanced management.”
The property will be managed by Security Properties-affiliate Madrona Ridge Residential.
Security Properties has been in business for 47 years and owns $3.35 billion worth of residential units including 17 properties in the Puget Sound area. For more information, go to www.securityproperties.com.
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