The Puget Sound region has seen no shortage of apartment deals in recent months. In one such sale, The Overlook at Lakemont, a 400-unit apartment building in Bellevue, sold for $204.3 million, or roughly $510,750 per unit.
Property records show the building was sold to San Mateo, Calif.-based real estate investment company Acacia Capital Corporation by a Seattle-based entity affiliated with Security Properties.
Built in 1992, the three-story apartment building is located at 5305 Lakemont Boulevard SE. The property offers a mix of one-, two and three-bedroom units, ranging in size from 637 to 1,257 square feet. Rental rates at the property also range from $2,355 to $5,103 per month, according to Apartments.com.
The luxury apartment buildings feature modern upgrades and stainless steel appliances. Additionally, the property offers various community amenities, including two resort-style swimming pools, two outdoor playgrounds, a basketball court, grilling areas, an outdoor pizza oven, fire pits, a fitness center, bike repair station, clubhouse and more.
“Overlook at Lakemont is a true core plus asset located in the middle of the flourishing Bellevue market,” said Ben Johnson, managing director of Berkadia Bellevue, who worked on the transaction. “The steady growth on the Eastside will continue to assist in driving rental premiums at the community as the business plan is executed.”
Located in Bellevue’s Lakemont neighborhood, the property overlooks nearby Lake Sammamish. It is also within close proximity to Cougar Mountain Regional Wildland Park and various other community parks. Interstate 90, which provides direct access to Seattle and other portions of the Puget Sound region, is also just east of the property.
According to previous reporting from The Registry, the property last sold in 2016 for $121.8 million, or about $304,500 per unit, when it was acquired by Security Properties.
The property’s new owner, Acacia Capital Corporation, was founded in 1992 and invests in major markets across the United States. Throughout its roughly 30-year history, the company has invested in approximately 30,000 apartment units and 42,000 single-family home lots, according to its website.