Home Finance Equity Residential Buys Notch Apartments in Newcastle for $48.9MM

Equity Residential Buys Notch Apartments in Newcastle for $48.9MM

Equity Residential, Notch Apartments, Goodman Real Estate, Newcastle, Seattle, Lane Apartments, Mark on 8th
Image Courtesy of Equity Residential.

By Meghan Hall

National real estate investment trust (REIT) Equity Residential has purchased a recently constructed residential complex in the growing suburb of Newcastle, just south of Bellevue. According to public documents, Equity Residential acquired the Notch Apartments in a deal that closed on August 26th from Seattle-based Goodman Real Estate. The property sold for $48.86 million, or about $307,000 per unit.

“Located just south of Bellevue, Notch Apartments delivers a modern, stylish and comfortable living experience. Surrounded by a lush landscape and scenic views of the Coal Creek nature park, every moment at Notch is absolutely serene,” states Equity Residential’s website, which has already been updated to reflect the acquisition. “When you are ready for action, our location is the perfect launching point whether you’re craving outdoor adventures or mingling in the city.”

Located at 13800 Newcastle Golf Rd., the 159-unit complex was completed in 2019. Notch features a mix of studio, one-bedroom and two-bedroom units, with pricing beginning between $1,595 and $1,725 per month. The units range in size from about 393 square feet to just under 1,000 square feet.

Apartments come equipped with quartz countertops, hard surface floors, large windows and walk-in closets. Community amenities also include a sports court, garage parking, community bike room, playground and rentable cabanas with WiFi. The entire community is also smoke-free.

Multifamily investors continue to purchase product across the region, and Equity Residential has been active throughout the Puget Sound over the past several years. In January of 2019, it spent $74.1 million to acquire the Mark on 8th Apartments, and in December of 2019 purchased Seattle’s Lane Apartments for $85 million. Equity Residential’s acquisition of the Notch Apartments marks its first foray into the community of Newcastle, however. To date, the firm has roughly 40 assets in its Puget Sound portfolio, most of which are concentrated near downtown Seattle.