Institutional Property Advisors Brokers Sale and Arranges Financing for Lakefront Multifamily Asset in Seattle
September 01, 2026
SEATTLE, Sept. 1, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of East Howe Steps, a 95-unit mixed-use apartment complex with over 3,000 feet of ground floor retail in the Eastlake neighborhood of Seattle, Washington. The property sold for $35.05 million. The residential units traded for $351,579 per unit.
“Family-owned and operated since stabilization, East Howe Steps consistently maintains low vacancy, minimal bad debt, and some of the market’s lowest concessions,” said Philip Assouad, IPA senior managing director investments. “This strong track record, combined with potential efficiency improvements, presented an attractive opportunity to the market.” Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Bender Equities, and procured the buyer, SI-East Howe Steps LLC, an affiliate of Sequel Investment Company and Evergreen Gavekal. Brian Eisendrath, Cameron Chalfant, Jake Vitta, Ray Allen, and Tyler Johnson of IPA Capital Markets arranged acquisition financing.
The property is steps from the Lake Union shoreline, adjacent to Terry Pettus Park and the waterfront promenade. The South Lake Union neighborhood, home to employers such as Amazon, Google, Meta, and the Fred Hutchinson Cancer Center is close by.
“Eastlake remains one of the premier Seattle neighborhoods due to its walkability and superb options for recreation, dining, and nightlife,” said Harmon.
Completed in 2016, East Howe Steps is a two-building, four-story property with a rooftop deck with panoramic views of Lake Union and the Seattle skyline, open-air walkways, landscaped courtyards, a fitness center, a controlled-access parking garage, bike storage, and on-site paddleboard and kayak rentals. The unit mix is studios, one- and two-bedroom floor plans, and four live/work units with private street-level entrances. Retail tenants include Sushi Moriyama and Yoksod Noodles and Thai.
“Family-owned and operated since stabilization, East Howe Steps consistently maintains low vacancy, minimal bad debt, and some of the market’s lowest concessions,” said Philip Assouad, IPA senior managing director investments. “This strong track record, combined with potential efficiency improvements, presented an attractive opportunity to the market.” Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Bender Equities, and procured the buyer, SI-East Howe Steps LLC, an affiliate of Sequel Investment Company and Evergreen Gavekal. Brian Eisendrath, Cameron Chalfant, Jake Vitta, Ray Allen, and Tyler Johnson of IPA Capital Markets arranged acquisition financing.
The property is steps from the Lake Union shoreline, adjacent to Terry Pettus Park and the waterfront promenade. The South Lake Union neighborhood, home to employers such as Amazon, Google, Meta, and the Fred Hutchinson Cancer Center is close by.
“Eastlake remains one of the premier Seattle neighborhoods due to its walkability and superb options for recreation, dining, and nightlife,” said Harmon.
Completed in 2016, East Howe Steps is a two-building, four-story property with a rooftop deck with panoramic views of Lake Union and the Seattle skyline, open-air walkways, landscaped courtyards, a fitness center, a controlled-access parking garage, bike storage, and on-site paddleboard and kayak rentals. The unit mix is studios, one- and two-bedroom floor plans, and four live/work units with private street-level entrances. Retail tenants include Sushi Moriyama and Yoksod Noodles and Thai.
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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.