Nuveen Buys Seattle Portfolio for $245M
- Feb 26, 2019
Nuveen Real Estate has acquired a Class A multifamily portfolio of 562 units across the Seattle metro from Simpson Housing for $244.6 million, according to Yardi Matrix. Following the transaction, the seller owns 1,155 units across four assets in the market. The new owner recently launched a new, $550 million multifamily fund, focused on acquiring upscale communities with high, stable occupancy rates.
The first asset, Metro 112, is located at 317 112th Ave. NE in Bellevue. Constructed in two phases in 2010 and 2018, the 358-unit luxury asset encompasses two towers and includes a retail component. The property contains studio, one- and two-bedroom apartments, with an average unit size of 843 square feet. As of January, the community was 90.2 percent occupied.
The smaller of the two communities, the 204-unit Boulder Creek, is situated at 4425 Issaquah Pine Lake Road SE in Sammamish, Wash. Built in 2002, the property offers residents one- to three-bedroom units, with floorplans between 738 and 1,536 square feet. The asset is 91.7 percent occupied, less than the average occupancy of 94.8 percent across the Issaquah submarket, per Yardi Matrix data.
Metro 112 offers residents a variety of amenities, including a conference room, a game room, a fitness center and subterranean parking for an additional charge. Boulder Creek’s amenity mix includes a clubhouse, business center, racquetball court, gym and swimming pool. Attached garage parking spaces are available for residents in a number of townhouse units.
Images courtesy of Yardi Matrix