Seattle-Area Apartments Command $170M
- Jul 06, 2021
UDR has paid $170 million for Brio Apartments, a 259-unit luxury community in the Seattle suburb of Bellevue, Wash. Su Development was the seller. The deal is the metro’s largest following DWS’ $279 million purchase of another Bellevue property in January.
Brio Apartments opened in October 2020, following close to three years of construction work. MUFG Bank provided the developer with $65.6 million in financing in late 2017, Yardi Matrix data shows.
Located at 11130 NE 10th St., the seven-story and 27-story buildings have a mix of studio to two-bedroom apartments, with floorplans ranging from 430 to 1,412 square feet. Twenty of the units are designated as affordable.
Units have 10-foot ceilings and are equipped with washers and dryers. Community amenities include a conference room, a theater room, electric vehicle charging stations, a sports court and a dog park. In addition to the asset’s residential space, the structures include more than 26,000 square feet of retail and 3,884 square feet of office space.
Although Seattle has suffered setbacks, particularly in terms of rent growth, multifamily investment has spiked compared to last year. Yardi Matrix shows transactions totaled $725.2 million during the first half of 2021, compared to just $276.3 million during the same period last year, which also covered the debut of the COVID-19 pandemic. Properties are also selling for more: Transactions this year have averaged $351,658 per unit, a 10 percent increase from the same timeframe last year.