By Meghan Hall
As Redmond’s job market has taken off due to the presence of tech companies on the Eastside, its multifamily market has closely followed suit. Greensboro, N.C.-based Bell Partners has not been lost on the Eastside’s booming real estate market, and the firm has added to its regional portfolio with the recent acquisition of the Alexan Marymoor Apartments for $91.6 million, or about $413,000 per unit, according to public property documents. The seller of the property was denoted as AM Apartments LLC, an entity based in Seattle on Western Ave.
The newly completed complex was finished this year, and totals 222 residences and five stories. The apartment was developed by Trammell Crow Residential, who closed on the land for the property in 2016. The first units were completed in April 2018, according to Trammell Crow’s website, and the property was designed by Jackson Main.
Apartments come equipped with quartz countertops, wood plank-like flooring and keyless entries. The property has been rebranded as Bell Marymoor Park Apartments, and is located close to more than 600 acres of outdoor recreation. The apartments also have a play-n-spray pet spa, reading coves, 24-hour fitness studio, bocce ball and shuffleboard, among other amenities.
According to the complex’s website, studios start at just under 500 square feet and pricing begins at around $1,700 per month. Three-bedroom units are almost 1,300 square feet in size. Pricing for the largest units was not immediately available.
Recently, numerous other apartment sales have closed; in early November, San Diego-based MG Properties purchased the Tivalli Apartments in Lynnwood for $119.2 million, while Vanbarton purchased The Danforth in Seattle for a whopping $210 million. Also this week, Greystar sold the Alley24 Apartments complex for $74 million, and Phoenix Realty Group spent a combined $79 million on two apartment properties in Kent. The transactions cover almost every Puget Sound submarket, indicating the health of the multifamily sector in the region as the year comes to an end.