Sagard Buys Greater Seattle-Area Apartments
The new owner plans to renovate a portion of the property.
Sagard Real Estate has purchased Terra @ Monroe, a 222-unit garden-style community in Monroe, Wash. The deal was closed on behalf of the buyer’s core-plus open-end fund.
CEP Multifamily was the previous owner, according to Yardi Matrix information. The firm acquired the asset in 2013 from Essex Property Trust for $26.4 million, or $118,918 per unit. A decade later, the community became subject to a five-year $41.7 million CMBS Fannie Mae loan originated by Berkadia Commercial Mortgage, set to mature in 2028, the same source shows.
Located at 18463 Blueberry Lane, the 20-building Terra @ Monroe sits on roughly 10 acres just off Washington State Route 522 and U.S. Route 2. Multiple dining and retail options are available nearby, including Walmart Supercenter and Safeway. Downtown Seattle is less than 40 miles away.
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Previously known as Morning Run, the property was completed in 1991. The community comprises one-, two- and three-bedroom apartments, with floorplans ranging from 758 to 1,132 square feet. All units have washer and dryers, fireplaces and private balconies or patios. Sagard Real Estate plans to renovate a portion of the units.
Shared amenities at the pet-friendly community include a fitness center, a business center, a clubhouse, a basketball court, a swimming pool and spa, as well as outdoor grilling stations. The property encompasses nearly 400 car parking spaces.
Seattle’s transaction activity in recovery
In 2025, Seattle’s multifamily transaction activity recorded $3.9 billion across 76 assets, according to a recent report. The recovery trend remained steady for the second consecutive year from the decade-low of $1.3 billion in 2023. Belltown ($648 million), Redmond ($322 million) and First Hill ($244 million) were Emerald City’s top three submarkets for investment volume.
Last December, the average price per unit in Seattle increased 6.3 percent year-over-year to $335,600, significantly higher compared to the $205,495 national figure, which saw a 6.7 percent increase.
