Hines JV Pays $233M for Bellevue Community
- Jul 21, 2021
A partnership between Hines and Oaktree Capital Management has acquired Main Street Flats, a 425-unit luxury property in Bellevue, Wash. According to King County records, the asset traded for $232.5 million. The seller was Dallas-based Alamo Manhattan.
This is the second high-profile Bellevue sale this month, following the $170 million disposition of a newly built property.
Main Street Flats was completed in two phases that came online in 2015 and 2019, and includes ground-floor retail. Both phases received construction financing from JPMorgan Chase, $45.3 million and $40.4 million, respectively, Yardi Matrix data shows.
Located at 10575 Main St., the property provides a variety of studio, one-, two- and three-bedroom apartments with floorplans ranging from 530 to 1,894 square feet.
The pet-friendly community features rooftop terraces, multiple courtyards, a social lounge with a coffee bar, a fitness studio, a barbecue area and a dog wash station. The five-building property has multi-level parking, while select units also offer private garages.
The community is within walking distance of several shopping and dining options and less than a mile from Bellevue Downtown Park. Downtown Seattle is roughly 10 miles west and is easily accessible via Interstate 90.
The Bellevue submarket is attracting large technology tenants which, in turn, is driving up demand on the multifamily side, said John Coombs, director at Hines, in a prepared statement. January saw metro Seattle’s largest multifamily sale of the year so far, when Hyde Square, also in Bellevue, traded for $279 million.