By Meghan Hall
A Spokane, Wash.-based developer has been strategically buying Belllevue property over the past several months as development within the Eastside markets continues to explode. In a third deal, SRM Development acquired a condominium complex for $18.15 million, or about $1.01 million per unit. Public records indicate that the property’s owners, acting through the Polynesia Homeowners Association, sold the asset.
The property is located at 10113, 10103 & 10109 NE 12th St.; 1125 102nd Ave. NE. King County Assessor’s parcel data indicates the asset includes 18 different units spread across four buildings. The units were originally constructed in 1965 and sit on about 0.94 acres of land.
The asset is close to downtown Bellevue, and is adjacent to Le Chateau, another condominium community, and the LUX Apartments. The Bellevue Village Center, Lincoln Square North, and a variety of other shops such as Bartell Drugs, Zeeks Pizza and Starbucks, are located nearby.
Over the past two months, SRM Development has closed on two other deals in Bellevue. In June, SRM purchased the Silver Cloud Inn for $30 million. In July, the firm acquired a nearby strip mall for $17.3 million from the Weiner Living Trust.
While the company’s plans for the Silver Cloud Inn are not yet known, SRM Development intends to demolish the strip mall to make way for a seven-story multifamily property. In all, the development will total 278 units and include 13,085 square feet of retail space. A 7,000 square foot plaza, as well as 298 parking spaces, are also planned.
SRM has been building projects in high-barrier, urban markets for more than 20 years. According to the company’s website, it focuses specifically on metros that have high population and employment growth, strong educational institutions, and multi-modal transit options. The firm has constructed more than six million square feet of space, including more than 5,000 residential units and 750,000 square feet of commercial space across the Puget Sound, San Francisco Bay Area, and Southern California markets.