As the multifamily pipeline slows on the Eastside, a mixed-use apartment complex in Sammamish has sold for the first time.
A newly formed limited liability company affiliated with Principal Financial Group Inc. scooped up the Saffron Apartments at 22850 NE Eighth St. for $56.5 million, a deed King County recorded Friday shows. Principal (Nasdaq: PFG) is a global financial services firm headquartered in Des Moines, Iowa.
Spanning five buildings, Saffron offers 99 apartment units — a mix of studio, one- and two-bedroom floor plans — and about 47,000 square feet of commercial space. Current commercial tenants include BECU, Vinason Pho Kitchen, Sammamish Cafe & Spirits, Sammamish Family Dental, iCode and Beehave Academy.
Read the full story at the Puget Sound Business Journal: Sammamish’s Saffron Apartments trade for $57M in first-time sale.