By Jack Stubbs
On Thursday, September 28th, Chicago, Illinois-based Equity Residential bought the Venn at Main Apartments in Bellevue for $176.2 million, or roughly $500,000 per unit, according to public records filed with King County. The seller was The Wolff Company, a Scottsdale, Arizona-based developer founded in 1949.
The Venn at Main Apartments, built in 2016 and located at 10333 NE 1st Street in Bellevue, features a mix of studio, one- and two-bedroom units. Studios start at $1,600, one-bedrooms at $1,855 and two-bedrooms at $2,295. Some of the apartment amenities include oversized windows providing views of Old Town Bellevue, quartz countertops, stainless steel appliances, private patios and high ceilings. In addition to the 353 residential units, the complex features 26,000 square feet of street level retail and two levels of below-grade parking.
The location is one of the complex’s main features, according to the web site, which describes the locale as “a stylish haven located at the intersection of timeless Old Bellevue and modern downtown.” Lying at the heart of downtown Bellevue—with close proximity to Downtown Park and the Bellevue Square Mall—Venn at Main offers residents incredible variety and a one-of-a-kind urban living experience, according to the web site.
The complex also contains an extensive amenity space that includes several amenities including an immersive media room, fitness center with yoga studio, a fully loaded game room and an expansive rooftop deck with stunning views of the landscape. The apartment complex also features top-of-the-line tech amenities such as 24/7 parcel lockers and a state-of-the-art building entry system, plus energy-efficient designs and LEED certification.
The Venn at Main complex also emphasizes a community-oriented layout. Community amenities will include a formal lobby, gym, rooftop club and private dining room, and three communal rooftop decks. An internal courtyard above the podium will be accessible by residents for recreational use.
The architect for the apartment complex was Seattle-based Baylis Architects.
Founded in the early 1960s, Equity Residential is a company that focuses on the acquisition, development and management of “high quality apartment properties in the top U.S. markets,” according to the company’s web site. Additionally, the company owns or has investments in 302 properties—consisting of 77,498 apartment units—across cities throughout the east and west coasts including Boston, New York, Washington DC, Seattle and San Francisco.
Since 2000, Wolff has invested in, acquired or developed or more than 120 multifamily assets and more than 30,000 multifamily units, according to its web site. The company development strategy emphasizes a presence in the western U.S., with more than 10,000 multifamily units at various stages of development.
Wolff has also been a presence in the Eastside market in recent months. In May 2017, the company purchase a 12-acre property in Kirkland’s Totem Lake neighborhood for $23.5 million from LifeBridge Church, where it has plans to develop 557 units of housing.
Wolff developed the Bellevue property as a joint venture with Leavitt Capital Companies. “In its unique joint venture relationship with The Wolff Company of Scottsdale, Arizona, Leavitt is responsible for the commercial & retail portions of all Wolff apartment communities throughout the country,” according to Leavitt’s web site. The cost of development was $125 million.