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October 26, 2016

Denver firm pays $145M for Bothell apartments

Seattle Daily Journal of Commerce

Brian Miller

Calgary-based Grosvenor Americas, which purchased the apartments in 2013 for $88 million, was the seller. Grosvenor was represented by KM's Giovanni Napoli and Philip Assouad.

The buyer was Denver-based Griffis Residential, which now owns or manages about 8,000 units in four states. In this area, it owns Griffis Belltown and Griffis Seattle South in Auburn. On the Griffis website, this new acquisition is now called Griffis North Creek Bothell. Griffis says upgrades are planned.

Bridges at Northcreek is located at 20225 Bothell-Everett Highway (aka Highway 527). It was built in 1999 and renovated in 2014. The 50-acre site is in south Snohomish County, west of Alderwood Mall and Highway 405.

The sale price is about $276,700 per unit.

© 2016 Seattle Daily Journal of Commerce. All rights reserved.

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