IPA Negotiates Sale of East Howe Steps Apartment Complex in Seattle, 2026

Key Points

• The sale of East Howe Steps, a mixed-use apartment building, has been made through Institutional Property Advisors (IPA), a subsidiary of Marcus & Millichap.
• This real estate is located in the upscale Eastlake neighborhood of Seattle at 1823 Eastlake Avenue East.
• According to an article by ReBusinessOnline, the sale of this property has been made by Bender Equities.
• The property consists of a total of 95 apartment units and four live/work units with private street-level entrances.
• There is also around 3,000 square feet of commercial space in the property.
• This property is located next to Terry Pettus Park and the Lake Union waterfront.

Seattle (Evening Washington News) September 2, 2026 — Institutional Property Advisors (IPA), operating as a specialized division of Marcus & Millichap, has officially finalized and negotiated the sale of East Howe Steps, a boutique mixed-use apartment complex located in the heart of Seattle’s vibrant Eastlake neighbourhood.

As reported by ReBusinessOnline, the transaction was structured for the vendor, Bender Equities, transferring ownership of the 95-unit residential asset that also features integrated commercial functionality. The property, which occupies a prominent footprint at 1823 Eastlake Avenue East, represents a high-profile trade within one of the Pacific Northwest’s most supply-constrained and sought-after urban waterfront markets.

What Are the Property Specifications and Architectural Features of East Howe Steps?

The newly traded multi-family asset features a comprehensive layout designed to blend urban residential density with neighbourhood-scale commercial integration. As detailed by institutional real estate marketing documentation compiled for the asset, East Howe Steps incorporates a total of 95 traditional apartment dwellings, supplemented by four distinct live/work units that boast private, individual street-level entrances. In addition to the primary residential accommodations, the building provides approximately 3,000 square feet of dedicated commercial space, catering to localized enterprise and foot traffic along the bustling Eastlake corridor.

The physical structure itself stands four stories tall and was originally completed in 2017. Individual units within the complex span a variety of configurations, including efficient studios, one-bedroom layouts, and spacious two-bedroom floor plans. Interior specifications across the property feature high-end contemporary finishes, such as flat-panel cabinetry, quartz countertops equipped with undermount sinks, designer tile backsplashes, and a full suite of stainless steel appliances incorporating glass-top stoves and built-in microwaves. Furthermore, residents benefit from luxury vinyl plank flooring, floor-to-ceiling windows designed to maximize natural light penetration, in-unit front-load washers and dryers, ceiling fans, and select homes offering private decks or Juliet balconies alongside sweeping views of the surrounding cityscape and nearby water features.

Why Is the Eastlake Neighbourhood Considered a Prime Location for Real Estate Investment?

Geographically, the asset occupies a strategic position along the shoreline of Lake Union, sitting directly adjacent to Terry Pettus Park and the local waterfront promenade. Market analysts note that Seattle’s Eastlake submarket maintains exceptionally high barriers to entry for prospective real estate investors due to strict municipal entitlement timelines, limited geographical land availability, and steadily climbing construction expenditures across King County.

The neighbourhood is widely recognized throughout the region for preserving its classic Seattle character, characterized by a vibrant local business district, neighbourhood pubs, boutique eateries, active marinas, and historic residential houseboats lining the lake margins. This distinct architectural and cultural landscape fosters a strong sense of community identity that consistently draws high rental demand from local professionals. Moreover, the micro-market benefits from outstanding pedestrian walkability while maintaining rapid transit connections to major metropolitan commercial cores.

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How Does Proximity to South Lake Union Influence Tenant Demand at East Howe Steps?

Tenants residing at East Howe Steps enjoy immediate proximity to the primary technology and life sciences employment powerhouse of South Lake Union. Located only minutes away from the property, this expansive urban employment node serves as the global or regional headquarters for major enterprise entities, including multinational e-commerce titan Amazon, technology giant Google, and the renowned Fred Hutchinson Cancer Center.

Because the community sits within a comfortable walking distance or a short transit ride from these primary employment generators, it experiences consistent tenancy levels and minimal structural vacancy. Real estate experts indicate that proximity to these high-paying life science and tech campuses insulates property performance against broader macroeconomic fluctuations, ensuring steady operational fundamentals for incoming ownership entities.

What Amenities and Infrastructure Improvements Are Planned for the Surrounding Area?

Beyond the immediate building boundaries, East Howe Steps offers a robust package of tenant amenities intended to support an active, urban lifestyle. Building-level features include a central lobby housing an on-site leasing office alongside an automated parcel-pending system for secure package deliveries. Residents also have access to a dedicated fitness centre outfitted with modern cardiovascular equipment and free weights, secure indoor bicycle storage facilities, and an on-site rental program for stand-up paddleboards and kayaks to facilitate direct engagement with Lake Union. Additionally, the property includes a secured-access parking garage engineered with vertical clearance to accommodate larger vehicles.

Transportation infrastructure surrounding the property is also slated for significant municipal enhancement. Planned civic upgrades along the Eastlake Avenue corridor include the introduction of dedicated protected bicycle lanes and enhanced bus rapid transit lines scheduled to roll out directly outside the property’s doorstep. Industry observers point out that these upcoming transit investments will further streamline connectivity between Eastlake, downtown Seattle, and surrounding submarkets, cementing the long-term economic viability and capital appreciation potential of commercial real estate holdings along the corridor.