By Jack Stubbs
On December 19th, Salt Lake City, UT-based Stellar Living, a company which owns and operates a number of assisted living facilities nationwide, spent $32.5 million, or around $207,006 per unit, to acquire the Overlake Terrace Assisted Living property in Redmond, King County records show. The seller of the property was Newton, MA-based RMR Group Inc. and its subsidiary RMR Group LLC, an alternative asset management company.
Overlake Terrace Assisted Living, located at 2956 152nd Ave. NE, is a two-story property—totaling 110,000 square feet and comprising 157 units, according to public documents—constructed in 1989.
The property offers a mix of studio, one- and two-bedroom units that start at $3,495 per month, according to the listing on Stellar Living’s web site. The complex also offers a variety of daily activities, as well as shuttle services.
Located in the Overlake neighborhood of Redmond, the property is directly adjacent to Microsoft’s headquarters and corporate offices, adjacent to State Route 520. The property, which sits on roughly four acres, is about five miles east of downtown Bellevue.
As of September 30, 2019, The RMR Group LLC had approximately $32.8 billion of total assets under management, including over 2,200 properties, and employed approximately 600 real estate professionals in more than 30 offices throughout the United States; the companies managed by The RMR Group LLC collectively had nearly 50,000 employees, according to the company’s web site.
Stellar Living’s Puget Sound region portfolio also includes the Farrington Court Assisted and Senior Living facility in Kent.
