By Meghan Hall
Investment into the Puget Sound’s multifamily industry continues, especially into Bellevue, which has experienced rapid growth. In a transaction that closed on August 1st, the Easton Court Apartments traded for $27.5 million, or about $295,699 per unit. The buyer was Santa Monica, Calif.-based MJW Investments, according to public records. The seller was a private entity affiliated with Easton Court Apartments LLC and Ajit Sukesan, based in Bellevue.
The asset is located at 13831 NE Eighth St. According to Apartments.com, the property was originally constructed in 1969 and contains 93 units. The property has a mix of studios and one-bedroom units that range in between 450 to 650 square feet.
The community features a mix of amenities, including laundry facilities, pool, fitness center, business center and storage space. Apartments are equipped with hardwood floors, washer/dryer in-unit, and walk-in closets.
The property is located in a more residential neighborhood of Bellevue. The Foothill Commons Apartments, the Woodland Commons Apartments, and the Palisades Apartments complexes are all located nearby. The Bellevue Aquatic Center and the Glendale Country Club are within walking distance, as is Cedar Park Christian International, Stevenson Elementary School and Odle Middle School are also located within the neighborhood.
In recent weeks, a number of other multifamily complexes in Bellevue have sold. In July, SRM Development purchased a Bellevue condo complex located at 10113, 10103 & 10109 NE 12th St., and 1125 102nd Ave., for $18.15 million, or about $1.01 million per unit. Oaktree Capital and Hines, in a major buy, spent $232.6 million to acquire the Main Street Flat Apartments at 10575 Main Street from Alamo Manhattan.
Development sites have also been exceedingly popular; Vulcan recently spent $18 million on a multifamily development site in the Bel-Red Corridor. The acquisition will add 270,000 square feet to the company’s multifamily portfolio on the Eastside. Together, the deals signal consistent investor interest in the Eastside market, interest that is unlikely to wane anytime soon.