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May 27, 2016

Bellevue apartments are sold for $122M

By JOURNAL STAFF

Courtesy Moran & Co. [enlarge]

An entity related to Security Properties paid $121.8 million for The Overlook at Lakemont, a 400-unit apartment complex at 5305 Lakemont Blvd. S.E. in Bellevue.

The seller is an entity related to Heitman of Chicago. The sale price translates to about $304,600 per unit.

Property records show Heitman purchased the complex in early 2006 for $63.7 million.

The complex was built in 1992, and has 34 buildings with an average unit size of 978 square feet.

Jeff Williams, Chris Ross and Tim Brown of Moran & Co. brokered the transaction. They marketed the complex as a “value-add” opportunity.

Security Properties currently is building five apartment projects with 309 units in Bellevue's Spring District, and is planning another 279 units there.

According to records from Dupre + Scott Apartment Advisors, Overlook is the second apartment sale in the region over $100 million so far this year. The other was another suburban complex: Mill at Mill Creek, a 570-unit complex that sold for $115 million in January.




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