By Kate Snyder
Multifamily sales activity is continuing in Issaquah with a recent transaction involving a 201-unit apartment complex located just off Interstate 90. An entity affiliated with Sares Regis Group purchased the property for $78.5 million, or approximately $390,547 per unit, according to King County public records. The seller was listed as an entity affiliated with Private Capital Investors, which is part of New York Life Investments.
Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented the seller.
“Lakemont Orchard attracted interest because it offered a large-scale, value-add investment opportunity in a growing and highly desirable part of the Eastside. Limited new apartment supply, tight market vacancy and affluent neighborhood demographics combine to support future demand and premium renovation upside,” said Hanacek, vice chairman, CBRE.
Built in 1992, the three-story Lakemont Orchard Apartments is located at 18305 SE Newport Way and offers one-, two- and three-bedroom apartments, according to Apartments.com.
Interior amenities include walk-in closets, balconies and patios. According to the property’s website, exterior features include a swimming pool and spa, community barbecue grill, fitness center, dog park and playground. The property sits on 27 wooded acres and is surrounded by hiking trails and nature. It is near both historic downtown Issaquah as well as major interstates like I-90 and I-405.
Sares Regis Group was formed in 1993 with a focus on multifamily and industrial real estate development and investment on the west coast, according to the firm’s website.
Private Capital Investors has more than $52 billion under management as of September, according to the group’s website. Last year, PCI invested more than $5 billion.
Issaquah has been the center of several recent multifamily transactions. Earlier this year, Trammell Crow Residential sold a 135-unit apartment building for $103.75 million, or about $768,518 per unit, according to The Registry’s previous reporting. The buyer was listed as the Seminole Tribe of Florida. Located at 1150 10th Ave. NE, the apartment building, also referred to as Heartwood, was developed in 2021.
In another sale earlier this year, Bentley House, a condo-quality apartment 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.
