By Jack Stubbs
On Monday, October 15th, Bridge Investment Group LLC, a privately-held real estate investment and property management firm based in Salt Lake City, Utah, acquired the Sagebrook Senior Living retirement community in Bellevue for $24.5 million, or approximately $233,333 per unit, according to public records filed with King County. Bridge Investment Group (“Bridge”) purchased the property from ACP SH I LLC, an entity affiliated with Chris Rosenstock based in Centennial, Colorado. The transaction was recorded on October 22nd.
Bridge Investment Group did not respond to requests for comment about the transaction in time for the publishing of this story.
The property, called Sagebrook Senior Living at Bellevue and located at 15750 NE 15th St., includes two three-story buildings built in 1979 comprising 105 units, according to public records. According to the web site for the property, Sagebrook Senior Living is a retirement community that offers independent living, assisted living, memory support and respite care, with units ranging from approximately 334 to 668 square feet.
“Our continuum of care model allows us to meet a wide range of senior care needs. Our beautiful community, filled with natural light and an open green space, is warm and welcoming,” the web site states.
The retirement community is located in the Crossroads neighborhood of Northeast Bellevue and is approximately one block north of the Crossroads shopping mall and three miles from access to Washington State Route 520. Additionally, the property is approximately four miles east of downtown Bellevue and 2.5 miles south of Microsoft’s 500-acre Redmond Campus located at One Microsoft Way in the Overlake district.
In mid-June 2018, Microsoft made moves to expand its already significant presence in Redmond, spending $250 million on a nine-building office complex that sits one mile from its headquarters across from Washington State Route 520. On June 20th, the tech giant acquired the nine-building Daytona Laguna Office Campus for $250 million, or approximately $345 per square foot, from New York-based Blackstone Group.
In the fall of 2018, Microsoft plans to break ground on a multi-year campus revamp project that will include 18 new buildings, 6.7 million square feet of renovated workspace and a $150 million investment in transportation infrastructure improvements, public spaces, sports fields and green spaces. The new campus, which will take 5 to 7 years to complete, will provide room for an additional 8,000 employees on top of the 47,000 that currently work at the existing Redmond campus.
Bridge Investment Group manages more than $12 billion in assets under management within its register investment advisory businesses, and specializes in multifamily, affordable housing, office and senior housing and medical properties, according to the company’s web site.
In terms of the company’s investment strategy, Bridge Seniors Housing Fund Manager LLC (“Bridge Seniors”) invests in seniors housing and medical property assets across its family of funds, including seeking and investing in joint ventures and separately managed accounts, according to the web site. The company’s Bridge Seniors team focuses on the value-add segment of the market and looks to acquire assets that will benefit from capital investment and marketing through a combination of renovations and adding services and amenities at the properties. Bridge Seniors is among the largest owners of seniors housing units in the U.S. with $1.9 billion of assets under management, operating 74 facilities comprising over 8,500 units as of June 1st, 2018.