Nuveen Sells Seattle-Area Community for $102M
The property previously changed hands in 2019.
Nuveen Real Estate has sold Boulder Creek, a 204-unit apartment and townhome community in Sammamish, Wash. TA Realty bough the property for $102 million, The Registry first reported.
CBRE arranged the deal on behalf of the seller.
Boulder Creek previously traded in 2019, when Nuveen purchased the asset for $84.6 million, or roughly $414,706 per unit, from Simpson Housing, according to Yardi Matrix information. The sale was part of $244.6 million portfolio deal which also included the 358-unit Metro 112 Apartments in Bellevue, Wash.
The community is also subject to a 10-year Fannie Mae loan originated by Wells Fargo Bank in 2018, the same data provider shows.
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Seattle’s occupancy rate in stabilized properties landed at 95.1 percent as of July, a recent Yardi Matrix report shows, while its year-over-year rent growth was down 0.8 percent as of August.
In another recent deal in the metro arranged by CBRE, Weidner Apartment Homes sold A’Capella Apartment Homes, a 387-unit community in Lynnwood, Wash., for $112 million.
Boulder Creek at a glance
Located at 4425 Issaquah-Pine Lake Road SE, Boulder Creek came online in 2002 within 5 miles of Lake Sammamish. Issaquah Commons Shopping Mall is less than four miles southwest, providing multiple dining and retail options, such as Target and Safeway. Downtown Seattle is roughly 18 miles away via Interstate 90.
The 24-building community comprises two-and three-story structures, spread on nearly 34 acres. The apartment mix encompasses one- to three-bedroom floorplans ranging from 733 to 1,536 square feet, while the townhomes include two-bedroom floorplans spanning 1,313 square feet. All apartments have washer and dryers, microwaves, fireplaces and private balconies or patios, with direct access garages available in select units.
Amenities feature a fitness center, business center, clubhouse, media room, racquetball court, grilling station, swimming pool, spa and yoga studio among other top multifamily amenities. The pet-friendly community also has a dog park and approximately 360 car parking spaces. Services include on-site maintenance and management, with Simpson Property Group overseeing the property.
CBRE’s Vice Chairman & Managing Director Eli Hanacek, Executive Vice President Kyle Yamamoto and Associate Natalie Kasper represented Nuveen in the transaction.
