Acacia Capital Corp. has acquired Overlook at Lakemont, a 400-unit multifamily property in Bellevue, Wash., from Security Properties for $204.3 million.
Security Properties bought the asset at 5305 Lakemont Blvd. SE, in the Lakemont community, in June 2016 in a joint venture with Pacific Life Insurance Co., for $118 million from Heitman. In July 2019, the property became subject to an $85 million loan held by Pacific Life, Yardi Matrix reported. Heitman had owned the asset since January 2006, when it purchased the property from Archstone for $63.7 million, according to Yardi Matrix data.
Berkadia Institutional Solutions arranged the sale. Senior Managing Director Kenny Dudunakis, Managing Directors David Sorenson and Ben Johnson and Director George Pallis of Berkadia Bellevue and Managing Director Jeff Williams and Associate Tim Brown of Berkadia Seattle completed the sale on behalf of the buyer and the seller.
Johnson said in a prepared statement the property is a true core-plus asset that is located in the middle of a flourishing market. He said the steady growth on the Eastside of Bellevue will continue to drive rental premiums at the community as the business plan is executed.
Overlook at Lakemont, which was 96.5 percent occupied at the time of the sale, has one-, two- and three-bedroom floorplans with walk-in closets, in-unit washers and dryers, fireplaces, above-standard ceiling heights and private patios or balconies. Community amenities at the 27.6-acre property include a swimming pool and spa, clubhouse, two playgrounds, basketball court, fitness center, business center and 525 parking spaces, including some covered parking.
Units range in size from 650 square feet to 1,340 square feet. Rents average $2,841 and range from $2,159 to $3,596, according to Yardi Matrix data.
Residents have convenient access to The Golf Club at Newcastle, Lakemont Community Park and the shops and restaurants near Lakemont Boulevard SE. Lewis Creek Park is located southwest of the property and Cougar Mountain Park, a 5,000-acre protected wildland area for hiking and horseback riding, is less than 1 mile to the east. Major employers within 6 miles of Overlook at Lakemont include Microsoft and Puget Sound Energy. Residents have quick access to I-90 for convenient commuting to top employers in the region.