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PACIFIC NORTHWEST NEWS
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Griffis Residential Makes $145 Mil Multifamily Buy in Washington

10/20/16

Griffis Residential recently closed on a large multifamily buy in the state of Washington. The Denver-based firm paid $145 mil for Bridges at Northcreek Apartments, a 524-­unit ($277k/unit), Class A community located at 20225 Bothell Everett Hwy in Bothell, about 23 miles north of downtown Seattle.

The property, which was sold by Grosvenor Americas, will be renamed Griffis North Creek Bothell. With this latest acquisition, Griffis Residential owns and manages approximately 8,000 apartment units in Colorado, Texas, Nevada and Washington.

Built in 1999, Griffis North Creek Bothell offers one-­, two-­ and three-­bedroom apartment homes from 659 sf to 1.1k sf. The apartment homes feature wetland and greenbelt views, private decks and patios, and in-­home washers and dryers. Additional community amenities include an expansive clubhouse with a business center and full kitchen, outdoor heated pool, outdoor lounge areas, and available carports and detached garages.

The community, surrounded by a nature reserve on nearly 50 acres, is conveniently located near a large employment base including 2.5 msf of biotech, medical, and engineering space. Prominent employers just minutes from the community include Microsoft, Boeing, Lockheed Martin, Panasonic, Phillips Medical, and Seattle Genetics.

Philip Assouad and Giovanni Napoli of Kidder Matthews represented the seller in the transaction.





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