Griffis Residential Completes Sale of 524-Unit Griffis North Creek in Seattle Metro

Griffis Residential has completed the sale of Griffis North Creek, a 524-unit apartment community located in Bothell, Washington, approximately 23 miles north of downtown Seattle. The transaction was executed through Griffis Premium Apartment Fund IV and marks another exit for the Denver-based multifamily investment firm as it continues to harvest value-add assets across its national portfolio.

Deal Overview and Property Details

Griffis North Creek sits at 20225 Bothell Everett Hwy, Bothell, WA 98012 and was built in 1999. The community offers one-, two-, and three-bedroom apartments ranging from 659 to 1,133 square feet. The property was previously known as Bridges at Northcreek Apartments before Griffis rebranded it Griffis North Creek Bothell following its acquisition in 2016.

The firm's value-add program at the property combined targeted capital improvements with operational initiatives, producing 50% NOI growth over the hold period while also improving resident satisfaction scores.

NOI growth at Griffis North Creek came in at nearly triple the National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index benchmark for apartments within the relevant core-based statistical area, a metric the company cited as evidence of its operational approach.

Griffis Residential's Investment Strategy

Jim DiRienzo, Senior Vice President of Investments at Griffis Residential, pointed to the firm's financing structure and management platform as key factors in navigating a challenging environment for multifamily assets.

"Despite elevated supply and rising interest rates, we have continued to successfully harvest investments and deliver strong outcomes for our investors," DiRienzo said. "Our disciplined approach to fixed-rate, long-term, low leverage has provided stability through a challenging market environment, while our vertically integrated management platform, refined over 40 years, has enabled us to create operational alpha, maintain stability, and continue delivering successful results."

Griffis Residential operates a $3.8 billion portfolio of apartment communities across 13 markets and employs approximately 300 apartment professionals. The firm's platform spans Austin, Dallas, Denver, Frisco, Los Angeles, Orange County, Portland, San Diego, Seattle, Silicon Valley, Bethesda, Pompano Beach, and West Palm Beach.

Seattle-Area Multifamily Market Context

The sale comes as the Seattle multifamily market shows signs of stabilization after a period of elevated supply deliveries. Vacancy in the market stood at 6.7% in the second quarter of 2026, down from 7.0% a year earlier, with average asking rents of $2,048 per unit. Approximately 19,368 units remained under construction in the market as of that period.

Rent growth has remained modest, with blended rent growth declining roughly 80 basis points sequentially in the first quarter of 2026, reflecting softer demand and the impact of new supply delivered late in 2025. Concessions have remained common across the market, though the pace of new deliveries has slowed in 2026, contributing to the gradual improvement in vacancy.

Griffis Residential's own release acknowledged the headwinds, noting that elevated supply and rising interest rates have characterized the operating environment. The firm's emphasis on fixed-rate, long-term debt is presented as a structural advantage that allowed it to continue executing dispositions in that context.

Fund IV and Broader Portfolio Activity

The Griffis North Creek sale is a disposition from Griffis Premium Apartment Fund IV, consistent with the firm's stated strategy of acquiring value-add apartment communities in growth markets, improving operations and physical condition, and then monetizing the assets after performance improvement.

Griffis Residential describes its investment approach as cycle-tested, built on more than 40 years of multifamily investment experience by its founders. The firm focuses on what it characterizes as high-growth innovation hubs across its 13-market footprint.

Investors or parties interested in upcoming investment opportunities can contact Griffis Residential's Client Services team at 303.268.2121 or ClientServices@GriffisResidential.com.

Sources

Griffis Residential Completes Sale of Griffis North Creek — PR Newswire, Sept. 18, 2026