SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of East Howe Steps, an apartment complex located in Seattle’s Eastlake neighborhood. The seller was Bender Equities. An affiliate of Sequel Investment Co. and Evergreen Gavekal acquired the property for $35 million, or $351,579 per unit.
Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA, represented the seller in the deal. Brian Eisendrath, Cameron Chalfant, Jake Vitta, Ray Allen and Tyler Johnson of IPA Capital Markets arranged acquisition financing for the buyer.
Completed in 2016, East Howe Steps features two four-story buildings with a total of 95 studio, one- and two-bedroom apartments, four live/work units with private street-level entrances and 3,000 square feet of ground-floor retail space. The property includes a rooftop deck, open-air walkways, landscaped courtyards, a fitness center, controlled-access parking garage, bike storage and onsite paddle board and kayak rentals.