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11/22/22
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Lakemont Orchard, a 201-unit apartment community located on Seattle’s Eastside in Issaquah, WA, traded hands in a $78.5 mil ($390.5k/unit) transaction. The buyer’s name was not immediately released. The seller was an affiliate of New York Life Insurance Company.
Originally built in 1992, the community has one-bedroom, two-bedroom and three-bedroom floorplans with an average unit size of 916 sf. Every unit has its own balcony. The clubhouse contains the bulk of the property’s amenities, including a pool, hot tub, sundeck, newly upgraded gym, TV and billiards lounge, outdoor dining area, and basketball/sport court. While the seller updated the roofs, siding and clubhouse prior to the sale, all of the apartments are eligible for renovation.
The secure, gated community is located on over 20 acres at 18305 SE Newport Way, within a short commute of many of the area’s major employment hubs. By way of drive times, it is less than 15 minutes from downtown Bellevue and 20 minutes from downtown Seattle.
Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented the seller in the deal.
“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,” commented Hanacek.
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