Bellevue-based Legacy Group Capital sold the Parc 3 apartments in Bellevue’s Woodridge neighborhood to Mitsumaru Estate Co. Ltd., associated with four individuals with Japan addresses, and two separate individuals for $11,910,000 or about $350,294 per unit. The deal closed May 25th.
According to King County public records, Mitsumaru Estate Co. Ltd. holds an 80 percent interest in the apartments and the two additional individuals, Toshiro Watanabe and Naoto Sakayori, each paid $1,191,000 for a 10 percent interest. Records also show about $12,000 was deducted in personal property.
The Parc 3 apartments, which were built in 1979, are located at 3005 125th Ave. S.E. in Bellevue. In 2016, the apartments underwent a renovation to include updated finishes. The apartment building is a two-story, 34-unit property that offers one- and two-bedroom units. There are 10 one-bedroom units that average 600 square feet and rent for $1,531 per month and 24 two-bedroom units that are about 996 square feet and go for about $2,050 per month. Each unit comes equipped with a washer and dryer, fireplace and private patio or deck. The community also has a courtyard and a playground.
Legacy Group Capital originally purchased the apartments in October of 2015 for $6,895,000 or $202,794 per unit.
According to a 2017 apartment market report from AGM Commercial Real Estate, demand is strong in the Bellevue submarket. “The submarket’s development pipeline is busy. Nearly 2,000 units are under construction and slated to deliver by 2018, primarily in Downtown Bellevue and Crossroads. Those units will increase Bellevue’s inventory by more than 10 percent, and many more projects are proposed. Bellevue already has one of the largest proportions of four and five star units in the metro, but it will surely increase once these properties deliver,” according to the report.