GID Acquires 524-Unit Griffis North Creek in Bothell for $195 Million in Puget Sound Multifamily Deal

BOTHELL, Wash. — GID has acquired Griffis North Creek, a 524-unit apartment community in Bothell, Washington, from Griffis Residential for $195 million. The transaction equates to approximately $372,137 per unit and marks GID's third Puget Sound apartment acquisition since 2022.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), brokered the sale. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller and procured the buyer. Griffis Residential held the property through its Griffis Premium Apartment Fund IV for approximately 10 years before the sale.

Property Overview: A 50-Acre Eastside Asset

Located at 20225 Bothell-Everett Highway in Bothell's tech and biomedical corridor, Griffis North Creek sits on nearly 50 acres within the Seattle area's Eastside region. The property comprises 23 three-story buildings with stone façades and iron railings, constructed in 1999. The unit mix includes one-, two-, and three-bedroom apartments with an average size of 835 square feet and a reported range of 659 to 1,133 square feet, yielding approximately 437,540 rentable square feet across the 524 units.

All units include a private deck or patio, full-size washer and dryer, walk-in closet, and linen closet. 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 dog park. Greenbelts border the property on two sides, and a greenbelt and creek run through the grounds.

The surrounding neighborhood carries an average annual household income above $142,000. Microsoft, Amazon, Google, Meta, and Apple maintain offices within a short drive, and the Canyon Park and Parklands North Creek business centers are nearby. Alderwood shopping center provides adjacent retail and dining options.

Renovation Runway Drives Investment Thesis

Griffis Residential completed high-end renovations to 43% of the units and common areas prior to the sale, leaving the remaining units available for further upgrades. GID intends to continue renovations throughout the property, building on the improvements already in place.

"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."

The investment thesis rests on several characteristics: the scale of 524 units provides operating efficiencies; the nearly 50-acre land position is difficult to replicate in an established Puget Sound employment corridor; the existing amenity base reduces the need for ground-up investment; and proximity to major technology employers supports renter demand.

IPA's Continued Puget Sound Activity

The Griffis North Creek transaction follows IPA's sale of Aperture on Fifth, a 106-unit multifamily asset in Seattle's Denny Triangle, announced Aug. 26, 2026, reflecting continued IPA deal activity across both large suburban Eastside communities and smaller urban Seattle assets.

For Griffis Residential, the sale represents a long-term exit from Fund IV after approximately a decade of ownership, timed to coincide with the completion of a partial renovation program. For GID, the acquisition adds a sizable community in an established employment corridor with a defined path to additional value creation through continued unit upgrades.

About Institutional Property Advisors

Institutional Property Advisors is a division of Marcus & Millichap dedicated to serving institutional clients. The firm offers real estate investment and capital markets expertise, along with research and technology resources, for the acquisition, disposition, and financing of institutional properties and portfolios.

Sources: Institutional Property Advisors press release, Sept. 24, 2026