Bellevue Acquisition Expands Grosvenor’s Holdings
- Dec 03, 2015
Seattle—Property investor and developer Grosvenor Americas recently completed the acquisition of a Bellevue residential property, the Somerset Green. The property was sold by Carmel Partners and the seller worked with Berkadia representatives Kenny Dudunakis, Ben Johnson and David Sorensen during the process.
Located at 4249 129th Place S.E., the 101-unit community consists of 18 two- and three-story buildings. With proximity to Sea-Tac International Airport, the I-90, I-405, SR-520 and Link Light Rail, the seven-acre community is also in the vicinity of The Marketplace at Factoria, as well as employment centers for T-Mobile, Expedia, Microsoft, Paccar and Esterline Technologies.
The new owner intends to carry out a number of upgrades, with $5 million planned for capital improvements at Somerset Green. The acquisition brings Grosvenor’s Puget Sound multifamily portfolio to around 1,500 units.
According to real estate data provider Yardi Matrix, homes at Somerset Green have an average size of 1,183 square feet, while average rents at the community are currently at around $2,378. With 185 parking spaces at the facility, the community also offers residents in-unit washer/dryers, fireplaces and private balconies or patios.
Image courtesy of Yardi Matrix.