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Issaquah Apartment Community Sells for $78.5M
CBRE has arranged the $78.5 million sale of Lakemont Orchard, a 201-unit multifamily community in the Seattle submarket of Issaquah, WA. The firm’s Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto represented the seller, an affiliate of New York Life Insurance Company. The buyer was an LLC associated with Sares Regis Group.
“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 in a news release.
Built in 1992, the community is comprised of one-, two- and three-bedroom floorplans averaging just over 900 square feet. Community amenities include a pool, hot tub, newly upgraded gym and outdoor dining area. The gated community is located less than 15 minutes from downtown Bellevue and 20 minutes from downtown Seattle.
Photo courtesy of Jennifer Clark/Porchlight Photography
- ◦Sale/Acquisition
