By Meghan Hall
An apartment community in Bellevue’s growing Spring District has traded hands, adding to the list of deals already solidified in 2022. According to public documents, Security Properties has sold the Arras Apartments for $175 million, or about $627,240 per unit. The buyer is an entity affiliated with San Jose, Calif.-based Arras Property LLC.
The asset is located at 12282 NE 12th Lane. According to Yardi Matrix, the property features 279 units that are a mix of one-bedrooms and two-bedrooms. The units have a mix of townhouses and units with alcoves and dens. In all, it totals 216,565 square feet and was delivered in 2019.
The community is not far from the heart of the Spring District, where major companies such as Meta have landed. The firm, for example, has leased more than 1.4 million square feet in the neighborhood. As companies have moved into the area, the desire and demand for multifamily housing will continue to grow.
Such demand has made multifamily investment popular with investors. In December, the Cerasa Apartments sold for $109 million, while a senior living community downtown traded hands for $45.5 million. A number of other properties, such as Mari, a 138-unit condominium tower, and Odina, a 249-unit development, have broken ground.
Across the Seattle metro, rents have continued to rise. Through September of 2021, rents increased 10 percent year-over-year, with rent averaging about $2,046 per month, according to data from Yardi Matrix. Transaction activity for the sector has remained heavy, and more than $2 billion in deals closed during the first several quarters of 2021.