Key Takeaways
- • Nuveen Real Estate divested Boulder Creek, a 204-unit apartment and townhome community in Sammamish, Washington, to TA Realty for $102 million, or $500,000 per unit.
- • The sale represents a 20.6% appreciation on Nuveen's 2019 acquisition price of $84.6 million ($414,706 per unit), demonstrating significant value creation over a seven-year holding period.
- • TA Realty acquired the stabilized asset originally constructed in 2002, situated on 34 acres within 5 miles of Lake Sammamish and approximately 18 miles from downtown Seattle via Interstate 90.
- • CBRE arranged the transaction on behalf of Nuveen; the property remains encumbered by a 10-year Fannie Mae loan originated by Wells Fargo Bank in 2018.
- • The sale reflects market activity in the Seattle metropolitan area, where stabilized properties reported 95.1% occupancy as of July 2026, though year-over-year rent growth remained flat at negative 0.8% through August.
Summary
Nuveen Real Estate completed the disposition of Boulder Creek, a multifamily asset in Sammamish, Washington, selling the 204-unit community to TA Realty for $102 million. The transaction, arranged by CBRE, closed at $500,000 per unit, representing a meaningful markup from Nuveen's 2019 acquisition price of $84.6 million. The 2019 purchase had been part of a larger $244.6 million portfolio transaction that also included the 358-unit Metro 112 Apartments in Bellevue, Washington.
Boulder Creek comprises 24 buildings across nearly 34 acres, featuring one- to three-bedroom apartments and two-bedroom townhomes. The community, originally developed in 2002, is strategically located at 4425 Issaquah-Pine Lake Road SE, positioning tenants within proximity to Lake Sammamish, retail anchors such as Issaquah Commons Shopping Mall, and direct freeway access to downtown Seattle. Unit sizes range from 733 to 1,536 square feet, reflecting a mixed-income community positioning.
The asset carries a 10-year Fannie Mae loan originated by Wells Fargo Bank in 2018, which remains in place post-sale. Market conditions in the Seattle metropolitan area show stabilized properties with occupancy rates of 95.1% as of July 2026, though rent growth has moderated, registering a year-over-year decline of 0.8% as of August. This transaction occurs within an active deal environment in the region, evidenced by concurrent multifamily transactions such as Weidner Apartment Homes' sale of the 387-unit A'Capella community in Lynnwood, Washington, for $112 million, also facilitated by CBRE.
The 20.6% appreciation on Nuveen's seven-year hold demonstrates capital recovery in the Seattle suburban multifamily sector despite recent rent growth headwinds, reflecting stabilized asset valuations and underlying operational performance in the regional market.
Boulder Creek comprises 24 buildings across nearly 34 acres, featuring one- to three-bedroom apartments and two-bedroom townhomes. The community, originally developed in 2002, is strategically located at 4425 Issaquah-Pine Lake Road SE, positioning tenants within proximity to Lake Sammamish, retail anchors such as Issaquah Commons Shopping Mall, and direct freeway access to downtown Seattle. Unit sizes range from 733 to 1,536 square feet, reflecting a mixed-income community positioning.
The asset carries a 10-year Fannie Mae loan originated by Wells Fargo Bank in 2018, which remains in place post-sale. Market conditions in the Seattle metropolitan area show stabilized properties with occupancy rates of 95.1% as of July 2026, though rent growth has moderated, registering a year-over-year decline of 0.8% as of August. This transaction occurs within an active deal environment in the region, evidenced by concurrent multifamily transactions such as Weidner Apartment Homes' sale of the 387-unit A'Capella community in Lynnwood, Washington, for $112 million, also facilitated by CBRE.
The 20.6% appreciation on Nuveen's seven-year hold demonstrates capital recovery in the Seattle suburban multifamily sector despite recent rent growth headwinds, reflecting stabilized asset valuations and underlying operational performance in the regional market.
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