(Editor’s Note: The sales price of the property was $145 million, or $276,718 per unit, and a cap rate of 4.7 percent.)
October 18, 2016 – Griffis Residential, a Denver-based multifamily investment and management firm, announced today that it has acquired Bridges at Northcreek Apartments, a 524-unit Class-A multifamily community located 23 miles north of downtown Seattle.
The seller is Grosvenor Americas and the property was managed by Thrive Communities. Kidder Mathews commercial real estate brokers Giovanni Napoli and Philip Assouad marketed and brokered the transaction.
Built in 1999, Bridges at Northcreek underwent an extensive renovation to all homes and common areas that was completed in 2014. Given the strong rental and employment markets, Griffis Residential plans to further renovate interiors to condominium quality finishes.
Located at 20225 Bothell Everett Highway in Bothell, just 25 minutes outside of downtown Seattle, Bridges at Northcreek is adjacent to the 2.5 million square foot Canyon Creek Business Center, which includes prominent employers such as Microsoft, Boeing, Lockheed Martin, Panasonic, Philips Medical, and Seattle Genetics.
The community, surrounded by a nature reserve on nearly 50 acres, is conveniently located near a large employment base including 2.5 million square feet of biotech, medical, and engineering space. Prominent employers just minutes from the community include Microsoft, Boeing, Lockheed Martin, Panasonic, Phillips Medical, and Seattle Genetics.
Bridges at Northcreek is the second largest garden apartment community to sell this year on the Eastside in both sales price and number of units. Effective immediately, Griffis Residential has renamed the property to Griffis North Creek Bothell. With this purchase, Griffis Residential owns and manages approximately 8,000 apartment homes.
About Griffis Residential
With nearly $1.5 billion in multifamily assets, Griffis Residential is a multifamily real estate investment company that owns and manages approximately 8,000 Class-A apartment units. Target markets include Denver, Seattle, Austin, Portland, and the San Francisco Bay Area. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents.
About Grosvenor Americas
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses its knowledge of the cities they it operates in and its property skills to develop projects that contribute to the vibrancy and attractiveness of those communities. With a specific interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2015, Grosvenor Americas had assets under management of $3.6B USD.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 17 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually.