By Meghan Hall
Over the past couple of years, a number of Puget Sound senior and assisted living facilities have sold, and often, the same players are involved. In another transaction to close, real estate investment trust Welltower has acquired Pacific Regent Bellevue for $45.4 million, or about $315,277 per unit. Public records indicate that the seller was a limited liability company associated with Colony Capital.
Pacific Regent Bellevue is located downtown at 919 109th Ave. NE. The 17-story tower offers a mix of Independent Living, Rehabilitation and Skilled Nursing, retirement suites. Of the 144 units, 100 are designed for independent living, while 44 are specifically for rehabilitation and skilled nursing. Units are a mix of one- and two-bedrooms and are equipped with full kitchens.
“Residents of Pacific Regent Bellevue enjoy services and amenities designed to support 21st century seniors in pursuit of a healthy, active lifestyle,” a landing page for the community states.
According to the property’s website, the units are “completely” remodeled and include designer touches such as crown molding, new appliances and picture windows. Onsite amenities include a rose garden, beauty salon and barber shop, indoor lap pool, fitness center, medical center and dining room.
The community is also within walking distance of a whole host of attractions, such as The Shops at Bravern, Bellevue Square and Bellevue Downtown Park.
Welltower is just one of several firms that has been active in the Puget Sound’s senior living industry in recent months. In September of 2020, Seattle-based Merrill Gardens bought out Welltower, its joint venture partner for $344.7 million. Spread across four separate transactions, Merrill Gardens acquired full ownership for its 184-unit Gardens at Renton Centre for $114.111 million, as well as its 123-unit University Village community for $116.1 million. For Merrill Gardens Kirkland and Tacoma, the firm paid $68 million and $45.5 million, respectively.
More recently, Welltower purchased both Edmonds Landing Assisted Living and The Terrace at Beverly Lake Communities for a combined $40.5 million. As of November of this year, the firm owned nearly $3.7 billion in real estate investments nationwide, according to a recent SEC filing. In Washington State alone, Welltower owned 24 properties at the end of December of 2020. The properties represent more than $625 million in total investments into the region.