IPA Brokers Sale of 50-Acre Bothell Multifamily Asset
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Griffis North Creek, a 524-unit multifamily property in Bothell, Washington.
“Griffis North Creek is an institutional-quality asset situated on nearly 50 acres of land in one of the region’s most dynamic employment hubs, a combination that is increasingly difficult to replicate in today’s market,” said Giovanni Napoli, IPA executive managing director investments. Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Griffis Residential, and procured the buyer, GID.
The property is in Bothell’s tech and biomedical corridor within the Seattle area’s Eastside region. “Seattle’s Eastside continues to stand out for its concentration of high-paying employment and the long-term demand drivers that support multifamily housing,” said Andrew Leahy, national director of IPA Multifamily.
Built in 1999, Griffis North Creek is composed of 23 three-story buildings, with a mix of one-, two- and three-bedroom apartments.
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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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