Equity Residential Pays $49M for Seattle Asset

Goodman Real completed the 158-unit property earlier this year, with construction financing from U.S. Bank.
Notch. Image via Google Street View

Equity Residential has acquired Notch in Newcastle, Wash., for $48.9 million, public records show. Goodman Real Estate sold the 158-unit community. According to Yardi Matrix data, the seller built the property with $28 million in construction financing provided by the U.S. Bank.

Located at 13800 Newcastle Golf Club Road, Notch is some 4 miles from Cougar Mountain Regional Wildland Park, roughly 13 miles southeast of downtown Seattle. The asset is also close to several golf courses. Additionally, Notch is close to important employers such 4 miles from Bellevue College, some 12 miles from Microsoft’s headquarters and a little over 14 miles from Amazon’s corporate headquarters.  

Completed this year, the community comprises studio, one-, two- and three-bedroom options ranging from 397 to 1,046 square feet, with eight units designated as affordable. The four- and six-story building includes common-area amenities such as a fitness center, clubhouse and rooftop terrace.  

Earlier this month, Goodman Real Estate sold The Flats at Interbay for $33.8 million. The 117-unit property is 4 miles from the metro’s downtown and close to Seattle Pacific University.