By Kate Snyder
Gerson Bakar & Associates continues its streak of selling off multifamily communities along the West Coast with the recent sale of the 266-unit Madison Sammamish Apartment Homes for $114.2 million, or $429,323 per unit, according to King County public records. The buyer in the transaction was listed as an entity affiliated with Pacific Urban, which has purchased two other properties from Gerson Bakar within the past month.
The Madison Sammamish Apartment Homes is located at 3070 230th Lane SE in Sammamish and features one-, two- and three-bedroom units, with amenities such as private patios or balconies, washer and dryer and wood-style flooring, according to the property’s website. Select homes also include marble fireplaces and/or vaulted ceilings. Exterior amenities include a fitness center, lounge, clubhouse and swimming pool and spa. Nearby attractions include Pine Lake Shopping Center, Pine Lake Park and Issaquah Commons.
Gerson Bakar & Associates is based in San Francisco and has been involved in a number of recent sales, according to The Registry’s previous reporting. These two other sales of multifamily communities in Redmond, Wash., that went to Pacific Urban: the Gates of Redmond and Olde Redmond Place. In a $79 million deal, or roughly $411,458 per unit, Palo Alto, Calif.-based Pacific Urban purchased the 192-unit Olde Redmond Place apartment property located at 7001 Old Redmond Road in Redmond. The firm also paid $71.3 million, about $396,111 per unit, for the Gates of Redmond apartment complex. Located at 15325 NE Redmond Way, the apartment complex contains a total of 180 units.
According to previous reporting by The Registry, Pacific Urban has bought multiple multifamily communities in the past year. The firm spent $90 million to buy the 172-unit Alley24 Apartments in Seattle’s South Lake Union neighborhood. Roughly a year ago, in November of 2021, Pacific Urban purchased the 179-unit Panorama Apartments in Seattle’s First Hill neighborhood.