By Jack Stubbs
Bellevue’s Central Business District has seen a substantial amount of investment activity in recent months, with several commercial/office properties having changed hands over the last few quarters.
And on August 30th, the Limestone Court Apartments sold for $29.5 million, King County records show. The buyer was J & E Limestone Holdings LLC, an entity associated with property management company West Freeman Properties. The seller, listed as PREG Limestone, an entity affiliated with Kevin Wilkinson of Sunset Ridge Development Co. Inc.
Marcus&Millichap’s Institutional Property Advisors (IPA) Seattle multifamily division represented the owner on the Limestone property.
The Limestone Court Apartments, located at 900 108th Ave. NE just blocks from the Bellevue Square Shopping Center and the Bellevue Arts Museum, was built in 2001 and contains 48 units, according to the property listing on apartments.com. Rents for the one-bedroom units—which total 1,022 square feet—begin at $2,402.
Some of the amenities available to residents at Limestone Court include private decks, in-unit washer/dryer, wooden cabinetry and stainless-steel appliances, according to the description of the property on West Freeman Properties’ web site. Other amenities at the complex include an outdoor terrace, resident lobby and a controlled-access parking garage.
The location of the property—at the corner of 108th Ave NE and NE 10th St.—is one of its primary draws. “Earning a Walk Score of 89, Limestone Court is very walkable and most errands can be accomplished on foot. Both the Bellevue Collection and the Shops at Bravern are within waling distance, as are the Bellevue Public Library and the 2.84-acre Ashwood Playfield,” the web site states.
There have not been too many multifamily sales recorded in Bellevue in recent quarters, however, several potential development opportunities continue to take shape proximate to the city’s Central Business District. In mid-June, a three-parcel property located at 10050 NE 10th St.—just north of Bellevue Square at the site of a proposed 7-story residential project—sold for $11.26 million, with Binjiang LP acquiring the parcels from Kirkland-based Aotong Bellevue 10th Street LLC.
A description on Bellevue Downtown Association’s web site highlights the plans for Pyramid Residential, a proposed 102-unit project currently undergoing design review. In the immediate vicinity to the Pyramid Residential Property, there are a number of other residential properties at various stages of construction, according to Bellevue Downtown Association’s web site.
Some of these include Continental Properties’ Bellevue Vuecrest Apartments located at 1000 100th Ave. NE, a five-story, 137-unit residential project; and Phase I of Mira Flats, a 6-story, 162-unit tower development located at 1085 103rd Ave NE that until recently was owned by Create World Real Estate.