Eastlake Apartment Complex Sells for $35M

Bender Equities has sold East Howe Steps, an apartment complex located in Seattle’s Eastlake neighborhood. An affiliate of Sequel Investment Co. and Evergreen Gavekal acquired the property for $35 million, or $351,579 per unit.

Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal. Brian Eisendrath, Cameron Chalfant, Jake Vitta, Ray Allen and Tyler Johnson of IPA Capital Markets arranged acquisition financing for the buyer, reported the Puget Sound Business Journal.

The acquisition marks the investment partners’ second Seattle-area multifamily purchase in a year. Completed in 2016, East Howe Steps features two four-story buildings with a total of 95 studio, one- and two-bedroom apartments, and 3,000 square feet of ground-floor retail space. The property is blocks from Terry Pettus Park and Lake Union, and it shares a block with three office buildings owned by Alexandria Real Estate Equities.

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