Home Finance Angelo Gordon Buys 80-Unit Apartment Building in Bellevue for $33.1MM 

Angelo Gordon Buys 80-Unit Apartment Building in Bellevue for $33.1MM 

Angelo Gordon, Seattle, Bellevue, Mercer Island, 2nd Street LLC, Second Street Apartments, Arthouse Apartments, Los Angeles, City Square Bellevue Apartments, Bell Centre Apartments, Soma Towers South

By Catherine Sweeney 

Angelo Gordon is growing its multifamily portfolio across the Puget Sound, with its most recent transaction in Bellevue. According to King County records, Angelo Gordon acquired 2nd Street Apartments, an 80-unit apartment complex, in Bellevue. The seller in the transaction was an entity affiliated with Mercer Island-based 2nd Street LLC. 

The property is located at 11115 NE 2nd Street. Apartments.com shows the 1990s-era building reaches four stories and offers both studio and one-bedroom units ranging from 465 to 716 square feet. 

Units at 2nd Street Apartments also offer a number of upgrades and amenities, including a dishwasher, granite countertops, onsite laundry, walk-in closets and more. 

The property is located just off Interstate 405 in a primarily residential portion of Bellevue. Nearby are a number of multifamily properties, including City Square Bellevue Apartments, Bell Centre Apartments, Soma Towers South and several others. 

According to public records, the property last sold in 1997 for $6.13 million, or about $76,725 per unit. 

Its new owner, Angelo Gordon, is a Los Angeles-based private investment firm. The company was founded in 1988 and currently manages approximately $51 billion worth of assets across the globe. 

The company has also recently closed several deals in the Puget Sound. In one deal that closed in November, the company purchased the 139-unit Arthouse Apartments in Seattle for  $62 million, or about $446,043 per unit.