Bell Partners Buys Redmond Multifamily Building for $96M
The transaction was made on behalf of its Fund VI investors. This is Bell’s first Seattle area acquisition, and it will manage the property itself. The site will be renamed Bell Overlake.
The 243-unit community is near Microsoft, Amazon, Google and Facebook and the Seattle Transit Link light-rail expansion.
The building includes a rooftop deck, a fitness center with a yoga studio, a pet spa, a courtyard with BBQ area and fire pits, and garage parking with electric charging stations. The units have quartz countertops, plank flooring, large closets and in-unit washers and dryers. Some units include lofts, patios and balconies, as well as mountain views.
The total assessed value is $71.3M, according to public records.
Eastside has become a global innovation center with the potential to experience substantial job growth in the coming five to 10 years, Bell Partners Executive Vice President of Investments Nickolay Bochillo told Bisnow.
“We believe that Bellevue and Redmond will disproportionately benefit from this growth due to its appeal for major employers and the labor force,” he said.
Bell manages four additional properties in the Seattle area.
Redmond, home to Microsoft’s world headquarters, has seen substantial growth in the tech industry. Last summer, Facebook’s Oculus filed for $106M in construction and development permits, much of it along Willows Road. This spring, Redmond’s Triangle Mixed-Use Building opened in Redmond Town Center near the future light-rail station. The Triangle is part of the city’s Downtown Couplet Conversion Project.