By Jack Stubbs
Late last week, Redmond Athletic Club was sold for $14.2 million to Mill Creek Residential, a Dallas-based national residential apartment investment firm. A single story, 25,617 square foot property, the athletic facility sold for approximately $554 per square foot, according to public records filed with King County. The buyer, Mill Creek Residential, is an entity that develops and invests in residential properties nationwide. The seller was an entity associated with the Shinstrom family, based in Redmond. The deal closed on August 1st.
The facility, located at 8709 161st Ave. NE, sits on 1.8 acres of land. It was built in 1976 and is a class C property, according to documents filed with the county. One of the prominent features of the athletic facility is its central location, set just to the east of the Sammamish river and adjacent river trail. The site is also one block to the north of the Redmond Regional Library and King County District Court, and two blocks to the northwest of the Redmond transit center.
Mill Creek Residential focuses on the acquisition and development of multifamily apartment communities nationwide. The company owns properties in California, Colorado, Florida, Georgia, the Northeast in Boston and New Jersey, as well as Texas and Washington, D.C. metro area. In the Pacific Northwest, Mill Creek ows assets in Portland and Seattle.
Throughout Washington state, Mill Creek has developed residential properties such as Modera Ballard, Modera Capitol Hill and Modera South Lake Union. In early 2013, Mill Creek partnered in a joint venture with AEW Capital Management – one of the world’s foremost real estate investment advisors, according to Mill Creek’s website – to acquire Archstone Belltown. The 360-unit, 18-story high-rise was reportedly sold for $94 million. Located in Seattle’s Belltown neighborhood, situated just north the Seattle CBD, the site is a mere three blocks Amazon’s world headquarters in South Lake Union. Mill Creek did not respond for comment about their purchase and intent for the Redmond Athletic Club.