CBRE Arranges Sale of 134-Unit Issaquah Multifamily Complex for $55M
CBRE has arranged the sale of Langara, a 134-unit garden-style apartment and townhome community in Issaquah, Washington, for $55.1 million.
CBRE represented the seller, JB Matteson, Inc., in the transaction. The buyer was not disclosed. Kyle Yamamoto, Eli Hanacek, Jordan Louie, and Natalie Kasper of CBRE’s Pacific Northwest Multifamily team represented the seller in the transaction.
“Issaquah is one of the most supply-constrained and affluent submarkets in the Pacific Northwest, and every unit here is primed for renovation,” said Yamamoto. “That combination of scarcity, a high-income renter base and clear value-add upside brought out a deep pool of well-capitalized bidders and drove a highly competitive process for our client.”
Completed in 2001, Langara comprises 20 residential buildings across 9.81 acres, a low-density community of 13.6 units per acre. The property sits about five minutes from Interstate 90, with drive times of less than 25 minutes to Bellevue, downtown Seattle and Redmond and roughly four minutes to Costco’s global headquarters.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout