(EDITOR’S NOTE: According to King County public records, the property was sold by Rise Properties Trust for $30.4 million, or about $646,808 per unit. The buyer in the transaction was an entity associated with FAC Bentley LLC.)
ISSAQUAH, Wash. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Bentley House, a condo-quality apartment property in Issaquah, Washington.
“Seattle’s Eastside is experiencing the largest job growth in the region with Amazon, Meta, Microsoft and others bringing in over 33,000 new employees by 2025, all within 15 miles of Bentley House,” said Philip Assouad, IPA executive director. “The property’s location places residents within easy reach of Downtown Seattle and Bellevue via Interstate 90.” Assouad and IPA’s Giovani Napoli, represented the seller and procured the buyer.
A steel and concrete asset built in 2009, Bentley House features top-of-the-line amenities, including a rooftop deck overlooking Lake Sammamish and the Cascade Foothills, a resident clubhouse, business center and fitness center. Apartments have hardwood floors, stainless-steel appliances, fireplaces and air conditioning. The average unit size is 1,486 square feet.
“Issaquah’s strong demographics, including an average annual household income of $221,787, helped add to the asset’s appeal for the buyer,” added Napoli.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.