By Meghan Hall
Denver, Colo.-based UDR has closed on a well-located apartment complex in the Eastside suburb of Bellevue. In a deal that was finalized on July 1st, UDR paid $170 million, or about $656,000 per unit, for the Brio Apartments. The seller, according to public documents, is an entity affiliated with Brio Apartments LLC and John Su, from Bellevue.
The asset is located at 11130 NE 10th St. The newly-completed complex features a mix of studio, one- and two-bedroom units. Pricing for studios begins at around $2,100 per month. Pricing for one-bedrooms begins at $2,320 per month, while pricing for two-bedrooms begins at $2,743 per month, according to the Brio Apartments’ website. Units are outfitted with granite countertops, wood plank flooring, tile backsplashes and large windows.
Brio Apartment’s show that the building has no available two-bedroom units for lease. There are three, one-bedroom units available, and just one studio for lease, as of this writing. Units are between 500 and 900 square feet in size.
The complex also features a number of community amenities. Tenants have access to a conference room, theater, co-working space and fitness center. An indoor swimming pool, sports court, rooftop terrace and dog wash and run are also available. On-site retail is also part of the development.
The Brio Apartments is also fairly close to downtown Bellevue and is within proximity of the Amazon Everest offices, Macy’s Nordtrom and the rest of the Bellevue Village Center. The property is easily accessible via Interstate 405.
“Located in Bellevue, these brand-new apartment homes offer remarkable views and distinct finishes in an outstanding location,” the property’s website states.
UDR initially announced its intentions to acquire the asset in its 2019 fourth quarter earnings report. Prior to that, the company made a $115 million secured loan to the property. According to The Registry’s previous reporting, the interest rate on the loan at the time was 4.75 percent. UDR also entered into a purchase agreement option, which allowed the company to acquire the apartment complex at a fixed price.
According to a recent investor report, UDR’s apartment portfolio continues to fare well nationw-wide. Through May, “strong demand has led to higher physical occupancy and blended lease rate growth as pricing power has increased and concessions have tapered,” said the company in its June 2021 investor presentation. Currently, 85 percent of UDR properties are not offering concessions, and leasing traffic is up 40 percent year-over-year. About 97.3 percent of its apartment portfolio is currently occupied, highlighting the portfolio’s strong fundamentals heading into the second half of 2021.