UDR Sells Seattle-Area Asset for $50M

Berkadia provided the new owner with a $30.5 million Freddie Mac acquisition loan.

After spending $92.7 million to acquire 200 units earlier in May, Stream Real Estate has grown its Seattle portfolio once again with the purchase of Borgata in Bellevue, Wash., Yardi Matrix data shows. UDR sold the 71-unit community for $49.6 million. Berkadia originated a 17-year, $30.5 million Freddie Mac acquisition loan for the new owner.

The community had previously changed hands in 2007. Previous owner Seamark Properties sold the asset for $31 million.

Located in downtown Bellevue at 37 103rd Ave. NE, the community is next to the city’s central park, within walking distance of public transit and several dining and retail options. The asset is less than 1 mile from Interstate 405, 3 miles from Interstate 90 and some 10 miles east of downtown Seattle.

Borgata has studio, one- and two-bedroom apartments ranging in size from 595 to 1,380 square feet in a five-story building. Completed in 2001, the property has a variety of amenities including bicycle storage, a parking garage, an elevator and street-level retail space.