Issaquah Terrace, a 298-unit garden-style apartment community at 906 NE Lilac St. in Issaquah, changed hands in what is one of the largest multifamily sales of the year in the Puget Sound Region.
Shelter Holdings, seller and developer, sold the property for $125 million. Colliers International’s Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne worked with the buyer to connect with the seller in the off-market transaction.
Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace consists of both apartments and townhomes in a complex with an on-site fitness center, pool and barbeque facilities.
Shelter Holdings developed the property in 2015.
“While always a highly desirable residential location, the Eastside of the Puget Sound has become one of the Pacific Northwest’s most appealing investment markets due to the growth of the business environment in nearby Bellevue, Kirkland and Redmond,” McKay, senior vice president, said. “Increased demand for investments in suburban markets around job centers proves that well-capitalized investors are willing to follow the path of progress to achieve market returns.”
According to a press release, Colliers International is a leading global real estate services and investment management company. Colliers International operates in 68 countries and 14,000 people work to provide advice and services to maximize the value of property for real estate occupiers, owners and investors.