Create World’s Mira Flats Complex in Bellevue Sells for $68MM

By Meghan Hall

Bellevue, Wash., has seen a wave of interest from domestic and international investors and developers looking to take advantage of the Eastside’s burgeoning — but not yet oversaturated — market. Chinese development company Create World Real Estate broke into the market in August of 2015 with the construction of Mira Flats, a six-story, 162-unit condominium complex located at 1019 and 1035 103rd Ave. NE. Now, as Create World works its way through the entitlement process for the project’s second phase of the development, it has sold off the original phase of Mira Flats for $68 million, or just under $420,000 per unit, according to King County records dated February 27, 2018.

The buyer was a Redmond, Wash.-based limited liability company named Mira Phase I, and is an entity associated with Yiran Liu and Viewtop International PTE Ltd., according to public documents. 

Last summer, the Seattle branch of Intracorp Homes had planned to buy the complex and sell the residences, which were originally supposed to be apartments, as condominiums. Intracorp backed out of negotiations in November 2018, citing contractual problems. 

A joint venture between Create World and Daniels Real Estate of Seattle, the property was designed by architecture firm GGLO. Polaris Pacific was hired to market the condominiums, and, according to industry reporting, nearly half of the condos have been pre-sold. According to Mira Flat’s website, the units are a collection of studios, one-, two- and three-bedroom homes starting in the $400,000s. The condominiums range in size from around 414 square feet to 1,191 square feet. 

The complex has a host of amenities, including a large rooftop deck, private courtyard, secured parking, a club room, pet run and dog wash. Residents can begin moving in in March of 2019.

The property came to market at a time when the greater Puget Sound region was experiencing a rush of apartment development. New condominiums complexes, on the other hand, have been slow and rare to rise since the start of the last market cycle due to often costly liability laws within the state of Washington. It was the demand for condos that partially prompted Intracorp and Create World to alter the property’s offerings.

The second phase of Mira Flats is currently under review by the City of Bellevue. Located directly north to the original Mira Flats property, the second phase of the project will be a 16-story tower with 150 residential units and a retail podium. Construction is anticipated to start in 2019. In addition to its properties in Bellevue, Create World has also developed large, mixed-use projects in Xian, Jilin and ZhuHai, China.