Home Finance 41-Unit Park Place Apartments In Issaquah Sells for $10.35MM

41-Unit Park Place Apartments In Issaquah Sells for $10.35MM

By Jack Stubbs

A multifamily property in Issaquah—which is just over ten miles east of downtown Bellevue–recently sold, according to King county records. On September 19th, the Park Place Apartments traded for $10.35 million, or around $252,439 per unit, with Willow Lake II LLC based in Seattle acquiring the property from Park Place Issaquah Inc. based in Issaquah. The transaction was recorded at the end of September. 

The Park Place Apartments, located at 745 Second Ave. NW just north of Confluence Park, comprises 41 units across three stories and was built in 1985, according to the apartments.com listing. Rents for nearby apartments average $2,233 for studios, $2,140 for one-bedroom units, $1,754 for two-bedroom units, and $2,315 for three-bedroom units. 

Park Place Apartments is less than one mile north of downtown Issaquah, and also offers convenient access to I-90, a prominent transit corridor which connects the city with several others, including Bellevue to the northwest, and Factoria just south of Bellevue. 

The city of Issaquah is flanked by several state parks and recreational locations, some of which include Lake Sammamish State Park to the north; Squak Mountain State Park Natural Area to the south; Tiger Mountain State Forest to the east; and Cougar Mountain Regional Wildland Park due directly west. 

In late May 2019, local multifamily developer SeaLevel Properties announced the launch of Vale Apartments in Issaquah at 995 7th Ave NW, a 110-Unit, 108,000 square foot project which the developer hopes will complement the existing fabric of the evolving city. 

“We’re thrilled to celebrate the completion of our newest project in the vibrant and welcoming community of Issaquah,” said SeaLevel Properties Director John Shaw at the time of the announcement earlier this year.  “Our vision at Vale was to create a quality, boutique building that would enhance the city’s vision for future generations—and we couldn’t be more pleased with the result.” 

In August, PCCP and Intracorp as part of a joint venture are developing two for-sale townhome projects totaling 129 units in the Puget Sound region: the project in Issaquah is the 71-unit Kelkari property, which is just one mile south of downtown Issaquah.