CBRE Negotiates $78.5M Sale of Lakemont Orchard Apartment Community in Issaquah, Washington

CBRE Negotiates $78.5M Sale of Lakemont Orchard Apartment Community in Issaquah, Washington Posted on by in Acquisitions, Multifamily, Washington, Western Located in Issaquah, Wash., Lakemont Orchard features 201 apartments, a pool, hot tub, gym, an outdoor dining area and a basketball/sports court.

(Photo credit: Jennifer Clark/Porchlight Photography) ISSAQUAH, WASH. — CBRE has arranged the $78.5 million sale of Lakemont Orchard, a multifamily property in Issaquah. An undisclosed buyer acquired the asset from an affiliate of New York Life Insurance Co. Originally built in 1992, Lakemont Orchard features 201 apartments with balconies in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 916 square feet.

Onsite amenities include a pool, hot tub, sundeck, newly upgraded gym, TV and billiards lounge, outdoor dining area and basketball/sport court. The seller upgraded the roofs, siding and clubhouse prior to the sale, but all the apartments are eligible for renovation. Situated on more than 20 acres, the gated community is located at 18305 SE Newport Way. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest represented the seller in the deal.