Home Finance SRM Development Buys 30-Unit Apartment Complex Slated for Redevelopment in Bellevue for...

SRM Development Buys 30-Unit Apartment Complex Slated for Redevelopment in Bellevue for $14.1MM

SRM Development, Bellevue, King County, Puget Sound, Alco Investment Company, Bellevue Vista Apartments, Federal Way, Spokane, Seattle, Blueprint Capital, Track 66 Apartments, Luna Apartments, Alloy Apartments, Vega Apartments, Urban League of Metropolitan Seattle

By Kate Snyder

Bellevue’s multifamily market transactions remain steady. A recent deal involved a 30-unit apartment complex trading hands for $14.1 million, or approximately $470,000 per unit, according to King County public records. The buyer was an entity that shares an address with SRM Development, and the seller was an entity affiliated with Alco Investment Company.

SRM has plans to develop the site, according to industry reports. City records show that the proposal involves the construction of a five-story residential building that would consist of 239 units and 201 parking stalls. The project, called Brizo, is under review by the City.

Located at 1051 108th Ave. NE, the property is currently developed with the Bellevue Vista Apartments, which consists of five buildings on a 0.78-acre site. According to the property’s website, the complex was built in 1977 and features a mix of studio and two-bedroom apartments. The studios have outdoor fenced patios and sleeping nooks. The two-bedroom units are townhome-style with vaulted ceilings and decks as well as in-unit washers and dryers. Bellevue Vista has private entrances, reserved parking, laundry on-site and is just minutes from downtown Bellevue.

Alco Investment Company is based in Federal Way and has a real estate portfolio that spans residential, office, retail, industrial, mixed-use and technology properties, according to the firm’s website. The company has a focus on seeking properties to acquire and hold on to long-term, particularly properties that are undervalued or in need of capital improvements.

Founded in 1999, SRM is a privately owned real estate company based in Spokane, according to the firm’s website, and specializes in multifamily, senior housing, affordable and mixed-use developments. For more than 20 years, the company has focused on the acquisition, development, construction management and asset management of real estate projects in urban core and high-population growth markets in locations throughout the West Coast.

Recently, SRM acquired multiple apartment complexes across Seattle in a $76 million portfolio deal, according to previous reporting from The Registry. The seller for all was listed as an entity affiliated with Blueprint Capital. The transaction included the 75-unit Track 66 Apartments for $19.4 million, or $258,666 per unit; the 71-unit Luna Apartments for $19 million, or $267,605 per unit; the 68-unit Alloy Apartments for $23.4 million, or $344,117 per unit; and the 58-unit Vega Apartments for $14.2 million, or $244,827 per unit. Each of the four communities were part of a partnership between SRM and the Urban League of Metropolitan Seattle to preserve 354 units across six apartment buildings throughout the city for affordable housing.