Sobrato Organization Acquires Bellevue Towers for $193M
This is the California-based buyer's first property in Bellevue.
The Sobrato Organization has completed its $192.9 million purchase of Soma Towers, a two-building, 273-unit apartment community located in Bellevue, Wash. Puget Sound-based Su Development was the seller and previous owner. The firm brought on CBRE to broker the transaction.
Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the firm in the transaction.
The Sobrato Organization has other assets in the Seattle area, but Soma Towers is their first property in Bellevue.
Located at 288 106th Ave., Soma Towers originally opened in 2014, following the completion of the first 21-story tower. The second building opened its doors three years later. The 95 percent-occupied property has a mix of studio, one- and two-bedroom apartments, in addition to two- and four-bedroom penthouses. According to Yardi Matrix, 20 units are designated as affordable housing. Each apartment has washers, dryers and central air conditioning.
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Community amenities at Soma Towers include a rooftop lounge, heated lap pool, golf simulator, fitness center and media room. On its ground floor, the property also has 29,964 square feet of commercial space that is currently 90 percent leased to a mix of dining, retail and entertainment-focused tenants. Seattle is 10 miles to the west of the towers.
Seattle’s multifamily market activity
Last year, Seattle’s multifamily market saw a decade high of 12,351 unit deliveries with another 21,419 apartments under construction. The average asking rent for Seattle properties was approximately 0.6 percent above the nation’s average at $2,216.
Waterton has recently expanded its portfolio within the region. Last month, the investment firm purchased Skye at Belltown, a 371-unit property. The purchase brought their footprint in the city to 945 apartments.
In nearby Silverdale, Russel Square started 2025 construction of the first phase of The Highlands at Silverdale, a 234-unit community in the town of the same name. The second phase will bring the unit count to 570.
