By Kate Snyder
Redmond has recorded another multifamily sales transaction. Aria Apartments traded hands for $46.5 million, or approximately $455,882 per unit, according to King County public records. The buyer was an entity that shares an address with Pine Forest Properties, a real estate investment and management firm affiliated with The Burnsteads, a group of luxury home builders based in Bellevue. The seller was a partnership of SR Investment Group, a Kirkland-based real estate investment company, and Seattle-based developer Pastakia + Associates.
Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Nick Ruggiero and Ryan Harmon brokered the sale.
“Aria is prominently located along 168th Avenue NE, just minutes from Interstate 405 and Redmond’s downtown core,” Assouad said. “The property is within a three-minute walk of Redmond’s Central Connector Trail and the Downtown Redmond light rail station, which is scheduled to open in 2025, giving commuters access to Downtown Bellevue, Downtown Seattle, and SEA International Airport.”
Located at 7705 168th Ave. NE, the six-story multifamily building was constructed in 2021 and offers 102 units in a mix of one- and two-bedroom as well as loft-style layouts, according to public information. Per the property’s website, amenities include “designer” lighting and quartz countertops as well as a rooftop terrace, sky lounge and a fitness room.
“With homes valued at upwards of $1 million, Redmond is one of the region’s most sought-after suburbs,” Napoli said. “Aria provides an affordable option for incoming residents who are experiencing the continued widening of the homeownership affordability gap.”
Pine Forest Properties develops, acquires, manages and leases high quality office, industrial and multifamily buildings located primarily in the Pacific Northwest, according to the company’s website. The firm has a 40-year history of real estate development and operation.
The Burnsteads has been active for more than 50 years, according to the firm’s website, and currently offers available housing throughout the greater Seattle area, including Redmond, Kenmore and Issaquah. Last year, an entity affiliated with the firm purchased the Belle-View Office Park in Bellevue for $28 million, or approximately $487 per square foot, according to previous reporting from The Registry. The seller was an entity affiliated with Create World Real Estate, Inc., a Bellevue-based real estate development and management company. The office park consists of two buildings located at 275 and 325 118th Ave. SE.
Redmond has seen other residential transactions recently.
The city’s The Delano Apartments traded hands for $54 million, or approximately $428,571 per unit, earlier this month. The buyer was entities affiliated with MJW Investments, and the seller was an entity affiliated with G.W. Williams Company. Located at 7805 170th Place NE, the 126-unit complex comprises a mix of studios, one- and two-bedroom apartments.
