CBRE Arranges $55.1 Million Sale of Langara Apartment Community in Issaquah for JB Matteson, Inc.
CBRE has arranged the $55.1 million sale of Langara, a 134-unit garden-style apartment and townhome community in Issaquah, Washington, on behalf of seller JB Matteson, Inc. The transaction closed July 28, 2026. The buyer was not disclosed.
Deal Details and Brokerage Team
Kyle Yamamoto, Eli Hanacek, Jordan Louie and Natalie Kasper of CBRE's Pacific Northwest Multifamily team represented JB Matteson, Inc. in the transaction. The deal priced at approximately $411,000 per unit and roughly $395 per square foot, based on an estimated residential net sellable area of approximately 139,494 square feet derived from the property's 134 units averaging 1,041 square feet each.
"Langara attracted strong buyer interest being one of the most compelling value-add deals on the Eastside so far this year," said Kyle Yamamoto, Executive Vice President at CBRE. "Issaquah is one of the most supply-constrained and affluent submarkets in the Pacific Northwest, and every unit here is primed for renovation. That combination of scarcity, a high-income renter base and clear value-add upside brought out a deep pool of well-capitalized bidders and drove a highly competitive process for our client."
Property Overview
Completed in 2001, Langara comprises 20 residential buildings spread across 9.81 acres, yielding a low density of 13.6 units per acre. The unit mix includes one-bedroom apartments, two-bedroom apartments, and two- and three-bedroom townhomes with attached garages. Average unit size is 1,041 square feet.
The property is located approximately five minutes from Interstate 90, with drive times of less than 25 minutes to Bellevue, downtown Seattle and Redmond. Costco's global headquarters is roughly four minutes away.
Issaquah Submarket: Supply Constraints and Demographics
Issaquah ranks among the most supply-constrained multifamily markets in the Pacific Northwest. No apartment projects of 100 units or more are under construction or planned within a five-mile radius of Langara. The median home price in Issaquah exceeds $1 million, a level that pushes a significant share of even high-income households into the rental market and supports demand for well-located multifamily product.
The combination of limited new supply and strong employment access — to Costco, Eastside technology firms and Seattle's central business district — underpins the value-add thesis that CBRE cited as driving competitive bidding for the asset. The low-density, townhome-style configuration and larger-than-average floor plans position Langara to attract renters seeking suburban living who are priced out of homeownership in a market where the median single-family price exceeds $1 million.
Value-Add Positioning and Market Context
CBRE characterized Langara's 2001-vintage interiors as primed for renovation across all 134 units, with attached garages and larger floor plans offering a competitive edge over smaller urban product following upgrades. The asset's low-density profile and townhome component distinguish it from newer podium-style construction concentrated in Bellevue and Redmond, where heavier supply pipelines have compressed yields for core institutional buyers.
The competitive bidding process CBRE described — drawing a deep pool of well-capitalized buyers — is consistent with the scarcity dynamics identified in the Issaquah submarket, where barriers to new large-scale multifamily construction remain high.
CBRE Group, Inc. (NYSE: CBRE) is headquartered in Dallas and is the world's largest commercial real estate services and investment firm, with more than 155,000 employees serving clients in more than 100 countries.