By Meghan Hall
A massive apartment development near the heart of the action in Bellevue has traded hands. San Francisco-based Carmel Partners has sold off Hyde Square, a 618-unit complex to Deutsche Asset and Wealth Management. The property sold for $279.1 million, or about $451,618 per unit, according to public documents.
“Hyde Square is a contemporary community in Bellevue, Washington, designed for tech savvy professionals with outdoor interests,” states Carmel’s website. “…Its distinct “Patagonia Chic” aesthetic emphasizes high-end amenities and finishes with Pacific Northwest influence.”
Located at 2030 155th Place NE, the luxury apartment community is located in Northeast Bellevue near Lake Sammamish. The property is within a few minutes’ drive of both downtown Bellevue and major tech campuses, such as Microsoft’s headquarters.
“Close to the 520. Right off Bel-Red road. Directly between Redmond and Bellevue, this central location offers the small town feel of the boutiques and cafés in old Redmond and the city amenities of downtown Bellevue’s world-class shopping, dining and entertainment,” the website adds. “Plus, it puts you in the very center of the tech revolution in Seattle area.”
Comprised of four residential buildings, units come equipped with oversized windows and designer finishes such as wood-style floors, stainless steel appliances, quartz countertops and modern cabinetry. Units can be studios, one- or two-bedrooms and range in size from 493 square feet to 1,135 square feet. Pricing for units begins at just under $1,600 per month and can exceed $3,000 per month. Rents are newly reduced, according to Hyde Square’s website, and new residents can receive up to eight weeks of free rent.
Amenities include 75,000 square feet of landscaped courtyards, as well as a 4,800 square foot fitness and wellness center complete with a spin and yoga studio, sauna, outdoor deck and jacuzzi. An additional 4,000 square foot clubhouse features a bar, game room, lounge with private dining and chef’s kitchen. Two sky lounges with pizza ovens and views are also available to residents.
Carmel Partners has been growing its presence in the Seattle region in recent years, renovating and selling at least eight properties in recent years, according to the firm’s website. Some of its previous projects include Skyline Park, a 192-unit complex in Kent, and Brookside Village, a 177-unit community in Auburn. Hyde Square, which Carmel acquired in 2015, is one of the company’s first ground-up developments. Currently, Carmel is also pursuing another ground-up project, a 226-unit community on Boylston Avenue near the core of Seattle.