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Mill Creek Urban Village

4200 132nd St SE, Mill Creek, WA

1.9 Acres of High Density Development Land

The Property

Well Located Mill Creek Development Land

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SUMMARY MILL CREEK/BOTHELL/KENMORE MARKET APARTMENT MARKET

Mill Creek as well as most of S. Snohomish County has experienced a lot of growth in this cycle. Due to a strong job market, developers have inundated Bothell/Kenmore with high-end apartments over the past several years. The glut of new units has resulted in vacancy volatility as many communities are still in lease-up. The rate of new construction continues, and a sizable pipeline in the near term adds supply pressures. 

Rents are slightly above the metro average, and rent growth has slowed since reaching a cyclical peak in 2015. Sales activity this cycle is characterized by large institutional deals, resulting in prices far higher than the metro average and cap rates similar to many urban core submarkets.

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SUMMARY MILL CREEK/BOTHELL/KENMORE MARKET OFFICE MARKET

This high-end suburban submarket is close to the wineries in Woodinville and not far from I-5 in Mill Creek. The office market here is pretty stagnant, and most residents commute into Seattle or major Eastside office nodes for work. The largest office tenant is aerospace software company Astronics Corporation, which owns and occupies 90,000 SF at Sammamish Ridge Tech Center.

Vacancy levels are slightly lower than the metro average and development has been mostly muted this cycle. The only project in the pipeline is a 14,000-SF professional center in Woodinville that is slated to open in 2019. Asking rent in the submarket is well below the metro average and rent growth has been moderate this cycle. Sales volume is typically low in this far-off submarket, but sales activity has picked up recently, with annual volume in 2017 and 2018 posting higher levels than the long-term average.

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SUMMARY MILL CREEK/BOTHELL/KENMORE CONSTRUCTION

Construction activity in Bothell/Kenmore has been dynamic this cycle. Nearly 2,500 units delivered from 2013–18, and roughly 700 units are slated to deliver by 2021. Development is spread across the submarket, but downtown and areas near employment hubs have been the most popular places to build.

The downtown Bothell area has become a popular spot for development and is transforming rapidly. More than 900,000 SF of retail, office, hotel, and residential development is in planning, and the expansion of Bothell Way into a multiway boulevard illustrates the impact high-paying tech and life sciences jobs can have on a previously sleepy submarket. One of the largest properties to deliver recently is Main Street Property Group's 4 Star, 130-unit Junction, which opened in 18Q1. The community was reportedly 92% occupied by mid-January, a leasing rate of roughly 10 units per month. Concessions include one month of free rent on select units. A few blocks away, Goodman Real Estate's 122-unit Merc Bothell opened in September 2018 and it was reportedly 91% occupied by mid-June, a leasing rate of roughly 12 units per month. Management was offering up to six weeks of free rent on select units during lease-up.

Other communities have opened in outlying areas of the submarket. Mixed-use developments such as Holland Partners' Village at Beardslee Crossing set the stage for a walkable, active-lifestyle environment in North Creek. The area is conveniently located just a half-mile from UW Bothell and is within walking distance of Downtown Bothell and the Google campus. The property has 451 apartment units and a sizable retail portion. It originally opened in 2014, but the latest phase delivered in 18Q1. Following this trend, AvalonBay opened its 316-unit Avalon North Creek in 19Q2. The community is offering one month of free rent and waived security deposits upon approved credit.

Construction activity is maintaning momentum. The near-term pipeline is a mixed bag of projects in downtown Bothell and outlying areas. Weidner is slated to deliver its final phases of Woodinville Creek Village in Woodinville by the end of 2019, which amount to more than 500 units. In downtown Bothell, Main Street Property Group is set to open its 122-unit Pop by summer 2019. The site is adjacent to Pop Keeney Stadium and is within walking distance of downtown Bothell's main strip.



 

ZONING

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Buyer Activity

Land sales in the area

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400

Sales

( 8/31/15 to Present )

200

Buyers

( 8/31/15 to Present )

60 Months

100% Sale Probability

( Pending Sale - Expired Not Included )

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DISCOVER

A BETTER WAY

The Anomaly Manifesto

Reinventing the Standard of Commercial Real Estate Investment Sales

 

One of the largest industries in the world happens to be one of the most archaic as well.  Commercial real estate investment deal making is riddled with inefficiencies and comprised of processes which create unnecessary resistance.  Many completely salable deals simply sit on the market collecting cobwebs.  In the last 12 months, multifamily and office investment properties priced above $5M (that actually sold) took 460.36 days to sell.  We believe there is always a better way.

 

The Standard Way Vs. the Anomaly Way

+Long Sales Cycles Vs. Quick Dispositions

The Standard Way: Long Sales Cycles

The average commercial deal takes +15 months to market, analyze, negotiate, inspect, and close. If a market shift can happen in the blink of an eye, or the “next deal” can steal your buyer's attention, why must we put our transactions at risk by exposing them to long sales cycles? Things change. Don’t get stuck in the middle of a deal when the market shifts.

The Anomaly Way: Quick Dispositions

The Anomaly Commercial Platform was designed to speed up all aspects of the sales process. We mapped each phase of the sales cycle and reengineered the process. These improvements drastically increase the speed of each phase. We empower our clients with the ability to get in and out of deals faster. Keep reading to learn about how we accomplished this.

+Shoddy Marketing Vs. World-Class Digital Marketing

The Standard Way: Shoddy Marketing

Have you ever received a deal that was really just an email with bullet points and attachments? That’s not going to sell anything. If your deal is marketed like a garage sale, it's going to attract garage sale offers. The top tier investors are pushed upwards of 10 deals per day in multiple markets across the country. If your deal’s marketing is uninspiring and analysis is undeveloped, the best investors will simply pass on your deal and avoid wasting their time.

The Anomaly Way: World-Class Digital Marketing

As non-emotional as investing can be, we’re still dealing with the psychology of the human mind. It’s scientifically proven that a product’s packaging drives interest. Your trophy properties need to shine, catch the attention of buyers at-a-glance, and compel them to spend valuable time analyzing your deal. We optimize your property’s marketing with beautiful deal presentations and simple yet comprehensive analysis. We get right to the point with high-quality images and intelligible data that buyers need to know. Not only will investors understand the deal, they'll understand the market in which it's located. Because of this, we can effectively reach a worldwide audience.

+Lack of Transparency Vs. Quant Heavy Marketing

The Standard Way: Lack of Transparency

Deals that lack transparency result in slow decision making and elastic offers. Time kills deals and renegotiations are a disappointment to all parties. After all, trophy assets attract smart buyers who will meticulously analyze your deal.

The Anomaly Way: Quant Heavy Marketing

We've been on the buy side of the negotiation table and we know what it takes for a buyer to make a decision. We'll conveniently provide this data up front in a simple and well-designed format which empowers quicker decision making and firm offers.

+Destruction of Privacy Vs. Direct to Buyer Marketing

The Standard Way: Destruction of Privacy

Have you ever told a broker about your deal, only to find out that your private offering made it all the way around the world and back to you? And to top it off, now the price was $1M higher. How many email inboxes contain your private financial data?

The Anomaly Way: Direct to Buyer Marketing

We market directly to interested and qualified principal investors. There is no reason why your deal, located in San Francisco, should be sitting in the inbox of a residential broker in Miami. Simply put, they're not qualified to buy your property. Sure, if you want your financial data and property details in the hands of 200,000 people, we can do that as well. But, we'll make that your choice. We won't expose you and your property to the world just to close a deal. Whether you choose a one by one or worldwide strategy, we'll advise you and execute with precision.

+Unqualified Professionals Vs. Decision Maker Targeting

The Standard Way: Unqualified Professionals

If you're attempting to sell a property, shouldn't it reach the appropriate decision maker? How many great deals have slipped through your fingers because they didn't make it to you? After all, your Seattle deal shouldn't be in the hands of the VP of South Eastern Markets. Just saying...

The Anomaly Way: Decision Maker Targeting

Your deal should be in the hands of someone capable of making a purchase decision. Our campaigns reach the appropriate decision makers at qualified investment companies. We know who they are, we know what authority they have, and we know exactly how to reach them.

+Extended Due Diligence Periods Vs. Up-Front Due Diligence

The Standard Way: Extended Due Diligence Periods

Has a buyer ever requested an extended due diligence period only to renegotiate just before the due diligence contingencies ended? While many renegotiations are valid, they can destroy a deal and waste valuable time. This is a big reason why the average deal is exposed to the market for longer than 15 months.

The Anomaly Way: Up-Front Due Diligence

The due diligence period should not serve as an opportunity to figure out how much the property is "actually" worth, rather, it should be the buyer's opportunity to verify the seller's representations. That said, proper representations must be made from the outset. Buyers should be able to perform much of their due diligence up front (prior to making an offer), giving them confidence in their offer price. We front-load much of the due diligence data and processes so that you can achieve firm offers and quicker timelines.

+Uncertainty Vs. Heavy Competition

The Standard Way: Uncertainty

When dealing with a single offer, it's difficult to gauge the true market price of an asset. This creates a lack of confidence in your decisions. You'll always be thinking that you've left money on the table or you passed on a fair price.

The Anomaly Way: Heavy Competition

It's been proven that a competitive marketplace is the best way to get the true market value of an asset. The Anomaly Commercial Platform hosts the competition and drives the market demand toward your asset.

If you think the way we do...

 

Get Started

A complicated process simplified & amplified

+ 1. Request a Free Consultation

Our team will deliver a comprehensive analysis of your real estate assets to give you complete confidence in your pricing and sales strategy.

+ 2. Discover Investor Demand

Discover exactly how many buyers are interested in your property and determine how fast it will sell.

+ 3. Launch Marketing Campaign

We'll design and execute highly effective marketing campaigns aimed directly at the world's most active and qualified US property investors.

+ 4. Sellect Your Buyer & Close

Review offers with our team and select the strongest buyer which meets your price and timeline objectives.


Select One of 3 Proven Sales Strategies

Optimized for quicker buyer decisions & customized for every property

+ 1. Private Offering

Market your property privately & directly (one-by-one) to a hand picked pool of the world's most active buyers and receive world-class marketing design & distribution

+ 2. Call for Offers

Market your property directly to a prequalified pool of the world's most active buyers and receive world-class marketing design & distribution. We'll set a deadline for receiving offers, we'll collect them as they come in, and we'll review each bid with you.

+ 3. Worldwide Marketing

Comprehensively market your property to all of the buyers, brokers, and financial institutions worldwide and receive world-class marketing design & distribution. We'll set a deadline for receiving offers, we'll collect them as they come in, and we'll review each bid with you.

 
 

Our Proprietary Methods

With 2 years of development and a multitude of contributors we've built a comprehensive database of the world's most active buyers.  It's regularly updated and we filter through our database to find the most qualified investors for your asset.

 

Our Database

Local.  Regional.  National.  International.

 
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About the Companies

  • Markets of Interest
  • Property types
  • Min and max
  • Multiple contacts
  • How they close
  • Acquisition activity
  • Source of Funds
  • Yield objectives
  • Hold period
  • Portfolio size
  • What they own in WA
 
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About the People

  • Titles
  • Geographic focus
  • Direct phone #
  • Office phone #
  • Email addresses
  • CEOs to secretaries
  • Social media accounts

 


Our Execution

Comprehensively and Strategically

 
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+ 1. Private Offering

Market your property privately & directly (one-by-one) to a hand picked pool of the world's most active buyers and receive world-class marketing design & distribution

+ 2. Call for Offers

Market your property directly to a prequalified pool of the world's most active buyers and receive world-class marketing design & distribution. We'll set a deadline for receiving offers, we'll collect them as they come in, and we'll review each bid with you.

+ 3. Public Offering

Comprehensively market your property to all of the buyers, brokers, and financial institutions worldwide and receive world-class marketing design & distribution. We'll set a deadline for receiving offers, we'll collect them as they come in, and we'll review each bid with you.

 

180-Day

International Marketing Campaign

( Digital & Direct )

$10,000,000

RESERVE PRICING

( $454.54/SF )


Team

We're stronger together

  • 14 Years of Experience
  • 44-Year Seattle Resident
  • Partner, Anomaly Commercial
  • Managing Broker, Berkshire Hathaway
  • Multifamily Property Manager
  • Education: Western Washington University (BBA)
  • 16 Years of Experience
  • Director of Commercial, Keller Williams
  • President, Anomaly Commercial
  • Multifamily and Senior Housing Investor
  • Education: Massachusetts Institute of Technology (MIT)
  • MIT Center of Real Estate (Partner 2015)
  • Director of Analysis, Anomaly Commercial
  • International Investor Specialist (China/Taiwan)
  • Education: University of WA (Mathematics)
  • Capital Investor & Developer
 
  • Creative Director, Anomaly Commercial
  • Real Estate Broker, KW Commercial
  • USC Film School (#1 in the US)
  • Sr. Director of Operations, Anomaly Commercial
  • Associate, KW Commercial
  • Capital Markets Specialist
  • Education: CCIM
  • Education: eCornell University
  • Associate, Anomaly Commercial
  • International Investor Specialist (China/Taiwan)
  • Retail Specialist
  • Education: USC (masters degree, MPA)
  • Education: University of International Business and Economics (Economics Honors)

International

Eastlake | 东湖

Many brokers have attempted to translate their listings to Mandarin via online translation tools (i.e. Google Translate).  It takes someone who dreams and expresses love in Mandarin to execute it correctly.  We have this advantage.

 

Interesting Data About Chinese Buyers

"Chinese money now accounts for about 55 percent of all homes purchased by foreigners in Washington." 

National Association of Realtors

 

"Most of those purchases are still in the suburbs, particularly in wealthier areas on the Eastside."

Seattle Times

 

"Overall, buyers from China bought about $1.6 billion in homes across Washington last year"

National Association of Realtors

 

Chinese buyers are predominantly targeting luxury homes, with an average price of $1.2 million.

Juwai 

JUWAI - the MLS of China


Alliances

We've hand-picked the best partners for this type of asset.  They are financing, closing, and managing transactions of investment sales.

 
Internationally Recognized as the Authority on Investments

Internationally Recognized as the Authority on Investments

Moncord - Top Transaction and Listing Coordination Team in the Region

Moncord - Top Transaction and Listing Coordination Team in the Region

Fidelity National Title and Escrow - #1 Title Company in the US

Fidelity National Title and Escrow - #1 Title Company in the US

The top CRE team in the KW NW Region (WA, OR, ID, & AK)

The top CRE team in the KW NW Region (WA, OR, ID, & AK)

Keller Williams - The #1 Real Estate Company and the #1 Training Organization in the World

Keller Williams - The #1 Real Estate Company and the #1 Training Organization in the World

#1 Institution in the World for Real Estate Finance, Development, Urban Design, and Architecture

#1 Institution in the World for Real Estate Finance, Development, Urban Design, and Architecture