Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Griffis North Creek, a large-scale multifamily community in Bothell, Washington. The property comprises 524 apartments and is positioned as an institutional-quality asset within a key employment corridor on the region’s Eastside.
Giovanni Napoli, executive managing director of investments with Institutional Property Advisors, described Griffis North Creek as a sizable community situated on nearly 50 acres of land in one of the area’s most dynamic employment hubs. According to Napoli, assets combining this scale of land with institutional characteristics have become increasingly difficult to replicate in the current market environment.
Napoli, along with IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino, represented the seller, Griffis Residential, in the transaction. The same team also secured the buyer, GID, highlighting the role of Institutional Property Advisors as the intermediary on both sides of the deal.
The property is located in Bothell’s tech and biomedical corridor, placing it within the broader Eastside region of the Seattle metro area. This location offers proximity to a concentration of employers in technology and life sciences, which has become a defining characteristic of the Bothell submarket and the Eastside as a whole.
Andrew Leahy, national director of IPA Multifamily, noted that Seattle’s Eastside continues to distinguish itself through its base of high-paying employment and the long-term demand drivers that support multifamily housing. He pointed to the area’s employment profile as a key underpinning for sustained renter demand in communities such as Griffis North Creek.
Developed in 1999, Griffis North Creek consists of 23 three-story residential buildings. The community offers a mix of one-, two-, and three-bedroom apartments, providing a range of unit types that can appeal to different household sizes and renter preferences.
The transaction adds another large multifamily trade to the Eastside’s investment sales pipeline, involving institutional participants on both the buyer and seller sides. While financial terms of the sale were not disclosed, the closing of a 524-unit community on a nearly 50-acre site underscores continued investor focus on well-located rental housing in employment-rich submarkets of the Seattle region.
