Home AEC Newly Constructed Redmond Apartment Complex Trades Hands for $131.5MM

Newly Constructed Redmond Apartment Complex Trades Hands for $131.5MM

Nightingale Apartments, Acacia Capital Corporation, Redmond, The Lionstone Group, Esterra Park,

By Meghan Hall

A newly-built apartment complex in the highly-anticipated Esterra Park development has sold. According to public documents, the Nightingale Apartments in Redmond has traded hands for $131.5 million, or about $500,000 per unit. The buyer is San Mateo, Calif.-based Acacia Capital Corporation.

The asset is located at 2651 156th Ave NE. The community includes 263 residential units that are a mix of studio, one- and two-bedroom floorplans. Units are about 400 to 630 square feet in size. Rents can range up to $3,272 per month, according to Nightingale’s website. Units are outfitted with wood-like floors, diamond quartz countertops, soaker tubs, balconies and high ceilings.

“Your Nightingale apartment home provides a stylish space to live your life. We’ve designed our modern apartments to match your on-the-go lifestyle,” the website states. “Each of our homes comes with interior finishes and features that will streamline your day and set you up for success.”

The community includes amenities such as a pet spa, communal work areas and a sports lounge. Residents also have access to a bike shop and a three-story entertainment space located on the upper levels of the building.

The asset last traded hands in 2018, when the lot was sold for $8.7 million, according to public records. At the time, Houston, Texas-based The Lionstone Group sold the asset to San Diego-based Esterra Park Development Partners LP. The entity is affiliated with Patrick Patterson, of Irvine, Calif.

Esterra Park is a 30-acre master planned community that includes a mix of different uses. According to the development’s website, once completed, Esterra Park will offer 2,600 new apartments across six different communities. The final phase of apartments is to be delivered in 2022. Esterra Park also includes 246,638 square feet of high-tech office space. The shells for the office space were delivered in late 2020. Also included in the community is a 3-acre park, and a 285-Key Westin Hotel, which has been open since 2017.