Seattle-Area Community Trades for $96M
- Sep 25, 2019
Bell Partners has acquired 3040 Apartments, a 243-unit community in Redmond, Wash. The company purchased the asset for $96 million on behalf of its Fund VI investors. Bell will manage the property, which marks its first acquisition in the Seattle metro, an area with various investment opportunities.
Located at 3040 NE 148th Ave., the 3040 community, which will be renamed to Bell Overlake, offers convenient access to the Seattle Transit Link light rail expansion and to the area’s major employers including Microsoft, Amazon, Google and Facebook. Additionally, various shopping, dining and entertainment venues such as Goldsmith Neighborhood Park, Viewpoint Park, Trader Joe’s, Taco Bell, Bellevue Marketplace and Bellevue Technology Center.
Bell Overlake features a mix of studio, one- and two-bedroom units ranging from 434 to 1,342 square feet. In-unit amenities include quartz countertops, plank flooring, washer and dryer, large closets, as well as lofts, balconies or patios in selected units. According to Yardi Matrix data, the five-story community was 63 percent occupied as of August after being opened just a few months ago. Common-area amenities include a fitness center, pet spa, courtyard with barbecue and fire pits, bike storage, coffee and tea bar, rooftop deck and garage parking with electric charging stations.