Investment Overview

The Seattle Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of Griffis North Creek, a premier 524-unit apartment community located in Bothell, Washington at the heart of the Puget Sound region’s thriving technology, life sciences, and biotech sectors. Situated in Seattle’s coveted Eastside, Bothell continues to experience some of the most significant employment and population growth in the region, fueled by major employers such as Microsoft, Amazon, Google, Meta, and Apple, all with offices located within 20 minutes of Griffis North Creek.

Premier Garden Community in the Region

Griffis North Creek stands out as one of the premier garden-style communities in the Seattle MSA, offering exceptional curb appeal and a highly attractive, low-density setting across nearly 50 acres. The property is bordered by greenbelts on two sides, with an additional greenbelt and creek running directly through the community, creating a lush, park-like atmosphere. Comprising twenty-three, three-story residential buildings accented with stone façades and iron railings, the community features wood pagodas and footbridges that enhance its distinctive identity and tranquil, nature-connected environment.

Best-in-Class Community

Institutional-quality asset with superior physical plant spanning nearly 50 acres, offering a low-density, wooded, park-like setting adjacent to a protected nature reserve and wetlands. 100% market-rate units with no income or rent restrictions.

Resort-Style Amenities

Exceptional amenity package including a renovated central clubhouse and resident lounge, expansive fitness center with yoga studio, oversized swimming pool and spa with sunbathing deck and daybeds, BBQ areas, wooded walking trails with boardwalks, children’s playgrounds, and a fenced dog park.

Partial Value-Add Opportunity

Significant upside potential through cosmetic upgrades in the remaining 57% of units. To date, 43% have been renovated by Griffis Residential to a high-end specification including new cabinets, countertops, and flooring. Prior ownership completed earlier renovations in 2015.

Balanced Unit Mix

The community offers a balanced mix of one-, two-, and three-bedroom homes averaging ±835 square feet. All homes include private decks or patios, with greenbelt views from most units. Built-in bookshelves and desks enhance functionality in most homes.

Excellent Bothell Location

Prime location in Bothell’s thriving tech and biomedical corridor on Seattle’s Eastside. Affluent neighborhood demographics with average household income of $173,765 within a two-mile radius. Served by the top-rated Northshore School District.

Affordability Compared to Homeownership

With median home prices in Bothell exceeding $1 million, barriers to homeownership remain high despite the city’s strong disposable incomes compared to other West Coast tech markets. Griffis North Creek offers residents a cost-effective rental alternative, with savings of approximately 70% compared to owning a home in this sought-after submarket.