Pacific Urban, a Palo Alto-based investment company is continuing to acquire residential assets in Redmond. In what would be its second acquisition in Redmond during the past couple of weeks, the company paid $71.3 million, about $396,111 per unit, for the Gates of Redmond apartment complex. According to public records, the property was sold by an entity affiliated with San Francisco-based Gerson Bakar & Associates.
Located at 15325 NE Redmond Way, the apartment complex contains a total of 180 units. According to the property’s website, apartment units offered include a mix of studio, one-bedroom, two-bedroom and three-bedroom apartment options, with rental rates ranging from $1,710 to $2,992.
Various amenities – including a newly remodeled fitness center, outdoor pool and clubhouse – are also located onsite.
As well as its onsite amenities, the property places tenants within close proximity of various shopping and dining options and nearby transportation via State Route 520 and Interstate 405. Microsoft’s headquarters are also just a short commute from the property.
For many months, Pacific Urban has been active throughout the Puget Sound Region. In late September, the company acquired the Olde Redmond Apartments also from an entity affiliated with Gerson Bakar & Associates, according to previous reporting from The Registry. In that deal, Pacific Urban paid $79 million, or about $411,458 per unit for the 192-unit apartment building The property is located at 7001 Old Redmond Road, less than one mile from the Gates of Redmond apartments.
Founded in 1998, Pacific Urban invests in residential assets across the United States. Currently, the company’s portfolio spans markets in California, Seattle, Denver, New York, Connecticut, New Jersey, Maryland and Virginia. Currently, this portfolio houses around 20,000 residents with the company having invested in communities valued at more than $8 billion since its founding, its website shows.