San Mateo-based Acacia Capital Corporation has made a major investment in Redmond, with its recent acquisition of Avalon Redmond Place, a 221-unit multifamily property. According to King County public records, the property was recently purchased by an entity affiliated with the real estate investment firm for $97.7 million. Public records showed the seller was an entity affiliated with Avalon Bay Communities, Inc, a real estate investment trust based in Arlington, Va.
The property is located at 8935 160th Avenue on nearly eight acres of land, according to public records. Built in 1990, the 206,202 square-foot apartment building offers one, two and three-bedroom layouts ranging from 650 to 1,300 square feet. According to Apartments.com, rental rates at the property range from $1,500 to $2,920.
The apartment building also offers a variety of amenities, including a swimming pool, a state-of-the-art fitness center, spa and outdoor space. Individual units also feature upgraded appliances, in-unit washer and dryer, dishwasher, private patios and balconies, vaulted ceilings, fireplaces and more, according to the property’s website.
“Convenience, contemporary features, and relaxing amenities blend together for a soothing experience at Redmond Place Apartments. Our amenities inside and out, are designed to smooth your daily routine so you can live at ease in a prime location in Redmond, Washington, close to Bellevue and the Redmond Town Center,” the apartment complex’s website states.
Centrally located in Redmond, the property is a close commute to Bellevue and Kirkland while also remaining in close proximity to the Sammamish River and Valley. The apartment complex is also close to several commercial buildings with tenants that include Google, Nintendo, and Microsoft. Various retail, restaurant and residential properties are also nearby.
Founded in 1992, Acacia Capital Corporation has owned and operated similar properties in major markets across the Western U.S., including Southern California, Northern California, Seattle, Phoenix, Portland, Salt Lake City and Las Vegas. Throughout its more than 30-year history, the real estate investment company has invested in more than 30,000 apartment units and 42,000 single-family home lots.
In recent months, Redmond has seen various large-scale multifamily transactions, including the $66 million acquisition of The Bond, in late 2020. The 139-unit apartment complex was purchased by another San Mateo-based investment firm, G.W. Investment Company, which made its way into the Puget Sound several months prior with its purchase of the Delano Apartments in Redmond for $51.5 million.