Institutional Property Advisors Brokers $35.05M Sale and Financing of 95-Unit Mixed-Use Asset in Seattle's Eastlake Neighborhood

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has brokered the $35.05 million sale and arranged acquisition financing for East Howe Steps, a 95-unit mixed-use apartment complex located at 1823 Eastlake Ave E in Seattle's Eastlake neighborhood. The transaction closed Sept. 1, 2026, with the residential units pricing at $351,579 per unit.

Deal Structure and Parties

Philip Assouad, IPA senior managing director investments, along with 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. IPA Capital Markets professionals Brian Eisendrath, Cameron Chalfant, Jake Vitta, Ray Allen, and Tyler Johnson arranged acquisition financing for the transaction.

"Family-owned and operated since stabilization, East Howe Steps consistently maintains low vacancy, minimal bad debt, and some of the market's lowest concessions," Assouad said. "This strong track record, combined with potential efficiency improvements, presented an attractive opportunity to the market."

Property Overview: East Howe Steps

Completed in 2016, East Howe Steps comprises two four-story buildings with more than 3,000 square feet of ground-floor retail. The unit mix includes studios, one- and two-bedroom floor plans, and four live/work units with private street-level entrances. Amenities include 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.

Ground-floor retail tenants include Sushi Moriyama and Yoksod Noodles and Thai. The property sits steps from the Lake Union shoreline, adjacent to Terry Pettus Park and the waterfront promenade.

"Eastlake remains one of the premier Seattle neighborhoods due to its walkability and superb options for recreation, dining, and nightlife," said Harmon.

Location and Market Context

East Howe Steps is positioned along the east shore of Lake Union in the Eastlake submarket, close to the South Lake Union neighborhood, which is home to major employers including Amazon, Google, Meta, and the Fred Hutchinson Cancer Center.

Seattle's multifamily market has shown gradual improvement heading into the second half of 2026. Metro vacancy stood at 6.7% in the second quarter, down 30 basis points year-over-year, while average asking rents across the metro reached approximately $2,048 per unit, reflecting roughly 0.94% annual growth. Average occupancy in stabilized properties across the metro tracked near 94.8% as of mid-year, with weekly data pointing to occupancy around 94.86% in early August, slightly above the same period a year prior.

By unit type, average asking rents across the Seattle metro in the second quarter were approximately $1,544 per month for studios, $1,908 for one-bedroom units, $2,285 for two-bedroom units, and $2,631 for three-bedroom units. Rent growth has been modest but positive, with trailing data showing gains of roughly 0.2% on an annualized basis.

About Institutional Property Advisors

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