Home Finance Bellevue’s Cerasa Apartments Trades for $109MM

Bellevue’s Cerasa Apartments Trades for $109MM

Virtu Investments, Cerasa Apartments, IPA,
Courtesy of IPA

By Meghan Hall

Puget Sound multifamily assets continue to trade at a rapid pace. In another recent closing, Bellevue’s Cerasa Apartments sold for $109 million, or about $707,792 per unit. According to public records, the deal closed today. The buyer of the property is Carlsbad, Calif.-based Virtu Investments. The seller is affiliated with private investors and Evergreen Point Development LLC.

“Completed in 2019, Cerasa is one of the best executed developments in the region. The property has a concrete and steel panel design to reduce sound transmission and vibrations, and ample community amenities, including a spacious residents’ clubhouse and top floor penthouse units with 11-foot to 14-foot ceilings,” said Philip Assouad, IPA executive director in a statement. “The property is blocks from Bellevue’s affluent booming tech employment sector and a light rail station that will open in 2023.”

Assouad and IPA’s Giovanni Napoli represented the seller, Evergreen Point Development, LLC in the deal

The property is located at 10961 NE 2nd Place. Built in 2018, the community features 154 units. Institutional Property Advisors’ Philip Assouad and Giovanni Napoli worked to broker the deal. The community offers luxury studios, one- and two-bedroom apartments. Units range in size from about 443 square feet to more than 1,000 square feet. Rents begin at around $1,800 per month.

“Discover an enviable lifestyle at the core, wrapped in standout design, cool, stylish interiors and privately serene homes in the middle of a lively, flourishing downtown scene,” the complex’s landing page states. “Maximizing open space, natural light, and sophisticated Pacific Northwest charm, these centrally located apartments are a harmonious arrangement of excellence and ease.”

Apartments are also equipped with private terraces, floor-to-ceiling windows, Italian wood cabinetry, glass top stoves and more. Community amenities include a resident lounge and fitness center, bike club and parking garage.

According to its website, North Coast Living has two other properties in Washington State: Blu Bellevue and Evergreen Ridge in Bellingham, Wash. The company also owns several properties in Oregon and a number of apartment assets in California.