50-Acre Puget Sound Multifamily Asset Sale Brokered by Institutional Property Advisors
September 24, 2026
BOTHELL, Wash., Sept. 24, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Griffis North Creek, a 524-unit multifamily property in Bothell, Washington.
“Griffis North Creek is an institutional-quality asset situated on nearly 50 acres of land in one of the region’s most dynamic employment hubs, a combination that is increasingly difficult to replicate in today’s market,” said Giovanni Napoli, IPA executive managing director investments. “Griffis Residential completed high-end renovations to 43% of the units and common areas, providing the buyer with a strong foundation and a clear path to upgrade the remaining units. The buyer intends to build on these improvements by continuing renovations throughout the property.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Griffis Residential, and procured the buyer, GID.
The property is in Bothell’s tech and biomedical corridor within the Seattle area’s Eastside region in a neighborhood with average annual household income over $142,000. Microsoft, Amazon, Google, Meta, and Apple have offices within a short drive. The Canyon Park and Parklands North Creek business centers are nearby, and Alderwood shopping center provides nearby retail and dining options.
Built in 1999, Griffis North Creek is bordered by greenbelts on two sides, and a greenbelt and creek run through the grounds. The property is composed of 23 three-story buildings with stone façades and iron railings. Community amenities include wooded walking trails, pagodas, footbridges, a renovated central clubhouse and lounge, a heated swimming pool and spa, two playgrounds, and a fenced-in dog park. The unit mix is one-, two- and three-bedroom apartments with an average size of 835 square feet. All units have a private deck or patio, full-size washers and dryers, walk-in closets, and linen closets.
“Griffis North Creek is an institutional-quality asset situated on nearly 50 acres of land in one of the region’s most dynamic employment hubs, a combination that is increasingly difficult to replicate in today’s market,” said Giovanni Napoli, IPA executive managing director investments. “Griffis Residential completed high-end renovations to 43% of the units and common areas, providing the buyer with a strong foundation and a clear path to upgrade the remaining units. The buyer intends to build on these improvements by continuing renovations throughout the property.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Griffis Residential, and procured the buyer, GID.
The property is in Bothell’s tech and biomedical corridor within the Seattle area’s Eastside region in a neighborhood with average annual household income over $142,000. Microsoft, Amazon, Google, Meta, and Apple have offices within a short drive. The Canyon Park and Parklands North Creek business centers are nearby, and Alderwood shopping center provides nearby retail and dining options.
Built in 1999, Griffis North Creek is bordered by greenbelts on two sides, and a greenbelt and creek run through the grounds. The property is composed of 23 three-story buildings with stone façades and iron railings. Community amenities include wooded walking trails, pagodas, footbridges, a renovated central clubhouse and lounge, a heated swimming pool and spa, two playgrounds, and a fenced-in dog park. The unit mix is one-, two- and three-bedroom apartments with an average size of 835 square feet. All units have a private deck or patio, full-size washers and dryers, walk-in closets, and linen closets.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.