Home Finance Bell Partners Buys Redmond Apartment Complex for $96MM

Bell Partners Buys Redmond Apartment Complex for $96MM

Bell Partners, San Francisco, Seattle, Bell Institutional Fund VII, New Mexico State Investment Council, Bay Area, Bell Uptown District Apartments, Oakland, Maxwell Apartments, Redmond, Bell Marymoor Park Apartments, Bell Overlake

By Meghan Hall

Redmond’s 3040 Apartments, now known as Bell Overlake Apartments, has not just gotten a new name, but a new owner. According to King County property records, the new, 243-unit apartment complex was sold by White Peterman Properties Inc. (WPPI) to Greensboro, N.C.-based Bell Partners for $96 million, or about $395,000 per unit. The transaction, which closed on September 18th, comes at a time when investment in both commercial office and multifamily property is taking off in Redmond. 

The Bell Overlake Apartment complex is located at 3040 148th Ave. NE., and its buildout was just completed this year, in June. The units are a mix of studios, one- and two-bedroom units which range in size from about 400 square feet to about 900 square feet. According to the community’s website, rents for studio units start at around $1,750 per month, while one-bedroom units rent for about $1,950 on a monthly basis. Two-bedroom units rent for more, at around $2,700 per month.

Individual units come equipped with wood plank floors, quartz countertops and stainless steel or slate appliances. Tiled backsplashes, views of Mt. Rainier and units with balconies or patios are also available.

The complex includes a generous amenities package, including a movement studio on-demand fitness classes, a gym with free weights, a coffee and tea bar, courtyard with grills, a sky deck, pet spa and ride share lounge. With direct access to the adjacent Microsoft Campus, the Bell Overlake Apartments also has corporate units available.

Other nearby neighborhood amenities include Idylwood Park, Marymoor Park, the 520 Bike Trail, The Stone House and The Matador, among others.

White Peterman Properties has been in the development game since 1968, when the firm started out in Merrillville, Ind. Over its history, WPPI has developed 6,00 multifamily units in nine states, including Washington. WPPI has also developed the Old Town Lofts, a 149-unit podium apartment community, also in Redmond, and is in the works of building Corner 63, a 140-unit mid-rise project in Seattle.

Bell Partners, also a national apartment owner and renovator, currently owns 170 complexes in 14 states. The firm currently has 55,000 units under its management and has completed $15 billion in apartment transactions since 2002. Bell Partners also owns and manages five other properties in Washington; together with Bell Overlake, the complexes account for about three  percent of the firm’s national portfolio. Northshore Townhomes in Kenmore, the Greenhouse and Origin complexes in Seattle, and Langara in Issaquah are also owned by Bell Partners.