By Catherine Sweeney
High investor demand in the multifamily sector has led to an increased number of sales in the Puget Sound region. In one recent sale, Trammell Crow Residential sold off a 135-unit apartment building in Issaquah for $103.75 million, or about $768,518 per unit. According to reports, the property was acquired by the Seminole Tribe of Florida.
Dylan Simon, Matt Laird, and Jerrid Anderson of Kidder Mathews Kidder Mathews, and Dave Schumacher of Colliers International, represented the seller in the marketing and sale of the property and directly sourced the buyer.
“We want to thank the seller and buyer for an extremely smooth transaction,” said Simon. “The Pacific Northwest apartment market remains extremely vibrant. This pricing is reflective of buyers in our marketplace recognizing the quality of Heartwood Apartments and the strength of both the Issaquah submarket and Pacific Northwest apartment market as a whole.”
Located at 1150 10TH Avenue NE, the apartment building, also referred to as Heartwood, was recently developed in 2021. The property stands five stories and offers a mix of one-, two- and three-bedroom apartments, with an average unit size of 1,007 square feet, according to a former listing for the building from Kidder Mathews.
The property also features a number of luxury amenities, including an outdoor rooftop lounge, fitness center, pool, conference room, gaming lounge and more.
The property is situated in the heart of the Issaquah Highlands, offering tenants easy access to various offsite amenities as well. The adjacent Grand Ridge Plaza offers a variety of shopping and dining options. The nearby Central Park also provides tenants with walking and biking trails, open space, soccer fields and more. Additionally, the property’s close proximity to Interstate 90 provides direct access to downtown Seattle.
Trammell Crow Residential has been fairly active throughout the Puget Sound region over the past several years. In September of last year, the company purchased two development sites in Bothell for $12.75 million for the development of 369 apartment units. A month prior to that, the company sold the Alexan Central Park Apartments in Redmond for $105.5 million, or about $546,632 per unit. The property totals 193 units and is located at 8020 161st Ave. NE.
The company is also one of the largest multifamily developers in the United States, with properties located across the country. In just over 40 years, the Dallas-based company has built more than 269,000 residences.