By Meghan Hall
Adding to a slew of commercial property deals is an acquisition this week by a major player in the U.S. multifamily industry. Abacus Capital Group, based in El Segundo, Calif., has acquired The Ridgedale Apartments in Bellevue for $144 million, or about $431,138 per unit. Public records show that the seller of the asset is The Ridgedale Holdings LLC, which is affiliated with The Ezralow Company.
The property is located at 14111 SE 6th St. The property was originally constructed in 1984, according to Apartments.com, and totals 334 units. Unit floor plans are a mix of sizes, ranging from one- to three-bedrooms that are between 750 square feet and 1,200 square feet. Monthly rents at the complex begin at about $1,800 per month.
Individual apartments are equipped with a range of features, including quartz countertops, hardwood-like floors and chrome fixtures. Many units have fireplaces, vaulted ceilings and garden or pool views. Community amenities include a clubhouse, fitness center, pool and spa.
The complex is located east of downtown Bellevue in a more residential neighborhood. Larsen Lake Blueberry Farm, the Glendale Country Club and Kelsey Creek Park are just some of the outdoor spaces within the vicinity of the complex. The property is also near Sammamish High School, Phantom Lake Elementary and Tillicum Middle School.
The property’s new owner, Abacus, is an independent and privately-owned real estate investment manager originally founded in 2004. The company focuses specifically on the multifamily sector and currently has about $2 billion in assets under management, according to a recent statement from the firm. Abacus currently lists just one other Puget Sound asset as part of its portfolio: the Residences at 3295 in Seattle.
The same day that the deal was closed–September 28th–Abacus announced that it had entered into an agreement with Affiliated Managers Group. The latter, according to a statement from the company, intends to acquire majority equity interest in Abacus. The terms of the transaction were not disclosed, but the deal is expected to close in the fourth quarter of 2021.
“In selecting an institutional partner, we were attracted to AMG’s operating philosophy and investment approach, which will enable us to preserve our entrepreneurial culture, implement a robust incentive plan for the next generation of Abacus leadership, and expand our ability to execute for our stakeholders while continuing to build an enduring, multi-generational, independent real estate investment firm,” explained Abacus Chief Executive Officer and Founder Benjamin Friedman. “Through retained equity ownership in Abacus, the management team and I will remain strongly aligned with our clients, and we look forward to continuing to execute on our strategy.”
Abacus senior management will continue to hold a portion of the firm and direct day-to-day operations. The terms of the transaction were not disclosed, but the deal is expected to close in the fourth quarter of 2021.