Home Finance Retirement Community in Bellevue Trades for $14.5MM

Retirement Community in Bellevue Trades for $14.5MM

Welltower, National Health Investors, Bellevue, The Garden Club, Ventas, Merrill Gardens
Courtesy of The Garden Club

By Meghan Hall

An Ohio-based REIT has purchased a retirement community in the Puget Sound after completing a number of trades over the past year. In a deal that closed on August 19th but just recorded, Welltower purchased The Garden Club, a holiday retirement community, for $14.5 million, or about $135,514 per unit. The seller, based on public documents, National Health Investors, Inc.

The asset is located at 13350 SE 26th St. in Bellevue. According to Apartments.com, units include studios, one- and two-bedroom units ranging from 443 square feet to 877 square feet in size. The property was originally constructed in 1990. Rising three stories, it is home to 107 residences.

Rooms are equipped with cable television, kitchenette units, patios and balconies, walk-in tubs and air conditioning. Community features include an activity room, barber and beauty salon, computer room, fitness equipment, library and private dining room, among others. Services are also included in residents’ rents, such as linen service, chef-prepared meals, travel and stay program and weekly housekeeping.

“Surrounded by noble pines and woodland beauty, The Garden Club is a peaceful retirement community in a convenient Bellevue location. Enjoy living in a serene oasis with easy access to Eastside hotspots when you’re in the mood for big city culture and entertainment,” the property’s website states.

The property’s new owner, Welltower, has been extremely active in the Puget Sound commercial real estate market over the past year. In February, the Toledo firm purchased both the Edmonds Landing Assisted Living and The Terrace at Beverly Lake Communities for a combined $40.5 million. The seller of both properties is Chicago-based Ventas.

In September of 2020, Seattle-based Merrill Gardens bought out Welltower—its now former investment partner—in a $344.7 million transaction. The deal included four different properties in Renton, Kirkland, Seattle’s University Village and Tacoma. Just before the end of 2020, Healthpeak, another senior living investor and operator, sold Aegis Living Callahan House and Aegis Living Shoreline for a combined $132.5 million.

Throughout the second quarter of 2020, the company completed $1.5 billion of pro rata gross investments, according to a recent financial statement from the company. Welltower stated that “virtually all” of its communities were accepting new residents; at the end of March, its spot occupancy sat at 27.6 percent. Currently, the company has about 592 properties in operation.