By Meghan Hall
Another Puget Sound apartment complex has traded hands. In a deal that closed on September 2nd, the Blu Bellevue Apartments sold to Virtu Investments for $109 million, or about $807,407 per unit. Public records list the seller as Bellevue Parkside LP, which is affiliated with Continental Properties.
Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske, and Anthony Palladino brokered the sale of the asset, which is located at 75 102nd Ave. NE. Construction on the asset was completed in 2020, and the property contains 135 units. The community also includes 5,175 square feet of retail.
The complex features a mix of studios, one-bedrooms, two-bedrooms, three-bedrooms and townhome units. Units range in size from just under 500 square feet to nearly 1,300 square feet. Units are air conditioned and feature details such as hardwood-style plank flooring, contemporary cabinetry, heated toilet seats and private outdoor spaces. Units are also equipped with a chef-style kitchen that include stainless steel appliances, quartz countertops and full-height backsplashes.
Community amenities include a 24-hour fitness center with yoga area, a fireside lounge, grocery delivery system and rooftop terrace. A media lounge and conference room, as well as a pet park, are also available to residents. Units can rent for as much as $4,395 per month, according to Apartments.com.
The complex’s location is also a huge amenity, according to Blu Bellevue’s website.
“A tantalizing mix of delectable, inspiring, modern, classic, glamorous and down-to-earth inviting, Blu Bellevue’s neighborhood is a daily game changer,” the property’s website states. “Luminous views, tantalizing cuisine, world class shopping, robust arts and culture, good-time hangouts, parks and beaches to explore, and all are close to Bellevue’s bustling business district.”
Blu Bellevue is located just across the street from Bellevue Downtown Park, which spans 21 acres, and is within walking distance of a number of eateries and restaurants. Molly Moon’s Homemade Ice Cream, Third Culture Coffee and Dough Zone are all nearby. Bellevue Square, a mall anchored by major retails from Nordstrom to Gap, is located on the other side of the park.
Sales volume has increased across the Puget Sound in recent months, and multifamily assets have been popular targets. Other recent deals include Revantage’s sale of the Discovery Landing Apartment Homes in Burien, Wash., for $46 million, or about $315,069 per unit. A newly-built apartment complex in the highly-anticipated Esterra Park development has also sold recently. The Nightingale Apartments in Redmond traded hands for $131.5 million, or about $500,000 per unit, to San Mateo, Calif.-based Acacia Capital Corporation. The sales indicate growing momentum in the market, which those in the commercial real estate sector hope will continue.