Institutional Property Advisors Closes Luxury Multifamily Asset Sale in Suburban Seattle for $109 Million
BELLEVUE, Wash., Sept. 9, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of BLU Bellevue, a 135-unit luxury mixed-use multifamily community in downtown Bellevue, Washington. The property traded for $109 million, or $1,004.70 per square foot.
“BLU Bellevue is a newly-constructed, best-in-class apartment community that provides a lavish home to Bellevue’s affluent booming tech employment talent pool with unmatched market viability,” said Philip Assouad, IPA senior managing director. Assouad and IPA’s Giovanni Napoli, Ryan Dinius, Sidney Warsinske, and Anthony Palladino represented the seller, Continental Properties and procured the buyer, Virtu Investments.
Built in 2020 by Continental Properties, with high-end quality finishes, BLU Bellevue is located in the heart of downtown, overlooking Bellevue Downtown Park and is walking distance from the six million square foot Bellevue Square Mall. “Tech giants such as Amazon, Facebook, Google, and Microsoft are currently fueling the growth of Bellevue and the surrounding area with these companies announcing major expansions within the next three years,” said Napoli. “The short and long-term growth expected within Bellevue, along with the asset’s exceptional location across from Downtown Park and its ‘best-in-class construction,’ were key factors for Virtu Investments purchasing a legacy asset such as BLU Bellevue.” In total, Amazon’s current and planned office footprint in downtown Bellevue is approximately 6 million square feet.
Community amenities include a rooftop terrace, 24-hour fitness center, pet facilities, parking garage with electric charging stations and 360-degree cityscape and mountain views. In-home amenities include floor-to-ceiling triple pane windows, air conditioning, walk-in closets with custom built-in shelving, and biometric wall safes. Select homes have expansive terraces or private roof top patios. These amenities, along with BLU’s 50-yard line location, make this asset a true differentiator from competing rental properties in the region.
Continental would like to extend gratitude to its development team for their collective efforts on a successful project.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com