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October 30, 2015

Apartment projects sell in Redmond and Kirkland

By JOURNAL STAFF

Photo courtesy of The Resmark Companies [enlarge]

Two Eastside apartment complexes sold for more than $114 million in separate deals, property records show.

An entity related to Benedict Canyon Equities of Los Angeles paid $73.5 million for The Luke (shown here), a new 208-unit complex at 164th Avenue Northeast and Northeast 83rd Street in downtown Redmond. The price equates to approximately $354,567 per unit or $507 per square foot. An entity related to Resmark Apartment Living is the seller.

An entity related to Acacia Capital Corp. paid $40.9 million for Vue Kirkland, a 200-unit garden-style complex at 11733 N.E. 131st Pl. in Kirkland. The price equates to approximately $204,275 per unit. An entity related to Pacific Urban Residential is the seller.

David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle brokered the sale of The Luke.

BCRA designed The Luke and Adolfson & Peterson Construction built it. Intracorp was the development manager, Greystar is the property manager.




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