(EDITOR’S NOTE: According to public property documents, the buyer of the asset was Palo Alto, Calif.-based Pacific Urban Residential. The property sold for about $419,463 per unit.)
Issaquah, WA, October 31, 2019 – Issaquah Terrace, a 298-unit garden-style apartment community at 906 NE Lilac Street in Issaquah, WA, today changed hands in what is one of the largest multifamily sales of the year in the Puget Sound Region. Shelter Holdings, seller and developer, sold the property for $125 million. Colliers International’s Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne worked with the buyer to connect with the seller in this off-market transaction.
Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace consists of both apartments and townhomes in a complex complete with an expansive, on-site fitness center, pool and barbeque facilities. Shelter Holdings developed the property in 2015.
“While always a highly desirable residential location, the Eastside of the Puget Sound hasbecome one of the Pacific Northwest’s most appealing investment markets due to the growth of the business environment in nearby Bellevue, Kirkland and Redmond,” noted Mr. McKay, Senior Vice President. “Increased demand for investments in suburban markets around job centers proves that well-capitalized investors are willing to follow the path of progress to achieve market returns.”
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Colliers International is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry- leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
