Institutional Property Advisors Brokers Sale of 524-Unit Griffis North Creek in Bothell
Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving institutional clients, has announced the sale of Griffis North Creek, a 524-unit multifamily residential community in Bothell, Washington. The property sits on nearly 50 acres in the Seattle area’s Eastside region, an area known for its concentration of major technology and biomedical employers.
IPA represented the seller, Griffis Residential, and procured the buyer, GID, in the transaction. The IPA team involved in the sale included Executive Managing Director Investments Giovanni Napoli, along with Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino.
Located in one of the region’s established employment hubs, Griffis North Creek provides the new ownership with a large-scale multifamily asset supported by access to major employers, established infrastructure, and a range of nearby retail and recreational amenities.
“Griffis North Creek is an institutional-quality asset situated on nearly 50 acres of land in one of the region’s most dynamic employment hubs, a combination that is increasingly difficult to replicate in today’s market,” said Giovanni Napoli, IPA executive managing director investments.
Napoli also noted that Griffis Residential had already completed high-end renovations to approximately 43% of the property’s residential units and common areas. These improvements provide a foundation for the buyer to continue upgrading the community and enhancing its overall offering. According to IPA, the buyer plans to build on the work already completed by continuing renovations across the property.
Strong Eastside Employment Base
The property’s location in Bothell’s technology and biomedical corridor gives residents convenient access to several prominent employers. Major companies including Microsoft, Amazon, Google, Meta, and Apple have offices within a short drive of the community.
The property is also located near the Canyon Park and Parklands North Creek business centers, adding to its access to employment opportunities. Nearby commercial amenities include Alderwood shopping center, which provides residents with access to retail stores, restaurants, and other services.
The surrounding neighborhood also benefits from comparatively strong household income levels. The average annual household income in the area is reported to be more than $142,000, supporting the property’s position within an established residential market serving employees in the Seattle Eastside’s high-paying employment sectors.
Andrew Leahy, national director of IPA Multifamily, said the Seattle Eastside continues to benefit from its concentration of high-paying jobs and long-term factors supporting demand for multifamily housing.
“Seattle’s Eastside continues to stand out for its concentration of high-paying employment and the long-term demand drivers that support multifamily housing,” Leahy said.
He added that development constraints and the cost associated with new construction make large communities of this scale increasingly difficult to replicate, which can strengthen the competitive position of existing properties such as Griffis North Creek.
Established Multifamily Community
Built in 1999, Griffis North Creek combines a substantial residential footprint with a natural setting. The community is bordered by greenbelts on two sides, while a greenbelt and creek also run through the property.
The apartment community consists of 23 three-story buildings featuring stone façades and iron railings. The design and natural surroundings create an established residential environment while providing residents with access to outdoor spaces and recreational amenities.
Community amenities include wooded walking trails, pagodas, footbridges, a renovated central clubhouse and lounge, a heated swimming pool and spa, two playgrounds, and a fenced-in dog park.
These amenities are designed to serve a range of residents and provide recreation and gathering spaces throughout the community. The property’s landscaped surroundings and natural features further differentiate it from newly developed multifamily communities that may have limited access to mature vegetation and established outdoor spaces.
Apartment Features and Unit Mix
Griffis North Creek offers a mix of one-, two-, and three-bedroom apartments, with an average unit size of approximately 835 square feet. The variety of floor plans provides housing options for different household types and living requirements.
All units feature a private deck or patio, providing residents with dedicated outdoor space. Apartments are also equipped with full-size washers and dryers, walk-in closets, and linen closets.
The combination of apartment features, community amenities, renovations, and the property’s location provides GID with an established platform for further investment. With renovations already completed across 43% of the units and common areas, the buyer has the opportunity to continue improvements throughout the remaining portions of the community.
The sale of Griffis North Creek highlights continued investor interest in established multifamily properties located near major employment centers. The property’s scale, nearly 50-acre setting, proximity to major technology and biomedical employers, and existing renovation program contributed to its positioning within the Seattle Eastside multifamily market.
With GID acquiring the 524-unit community from Griffis Residential, the property enters its next phase of ownership with plans to continue renovations and build upon the improvements already made. The transaction was brokered by IPA, reinforcing the firm’s role in facilitating institutional multifamily transactions across major U.S. markets.
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