Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Lakes Apartments, a 265-unit multifamily property in Bellevue, Washington. The sale was brokered by IPA’s Giovanni Napoli, Philip Assouad, Anthony Palladino, Ryan Harmon, and Nicholas Ruggiero.
“Multifamily demand in the Eastside continues to be strong, particularly for low-density garden communities that seldomly trade and cannot be replaced in today’s market,” said Napoli. “Boasting a Bellevue address and sitting directly across the street from Microsoft’s world headquarters, the buyer, Waterton Associates, will embark on a value-add renovation of the property. The improvements will modernize the exterior and the apartment homes through high-end finishes, increasing the desirability and appeal of The Lakes compared to its competition.”
Built in 1978 by the seller, Prometheus Real Estate Group, The Lakes’ award-winning design features a lush woodlands landscape with fountains, streams, and lakes that create a unique, tranquil setting. Community amenities include two swimming pools, two clubhouses, a business center, fitness center and spa. Apartments feature spiral staircases, wood-burning fireplaces, and cathedral ceilings.
Easily accessible from Interstate 405 and Highway 520, close to Marymoor Park and Bridle Trails State Park, and a short drive from Seattle. Three downtown shopping areas are nearby in Bellevue, Redmond, and Kirkland.
