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October 27, 2021
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Abacus Capital Group Closes $144 Mil Multifamily Buy in Washington

10/14/21

The Ridgedale Apartment Homes, a 334-unit multifamily community in Bellevue, WA, was sold to an affiliate of New York-based Abacus Capital Group for $144 mil ($431k/unit). The property was sold by The Ezralow Company, a Calabasas-based real estate investment and development firm.

Located at 14111 SE 6th St, the garden-style community was originally constructed in 1970 and fully renovated in 2015. The property is comprised of 25 two-story buildings on a 13.41-acre site. The unit mix consists of one-, two- and three-bedroom apartments with an average size of 865 sf. Amenities include a fitness center, clubhouse, two pools and 520 parking spaces.

The property is three miles from Downtown Bellevue, one of the largest employment centers in the Seattle metropolitan area.

CBREs Eli Hanacek, Jon Hallgrimson, Kyle Yamamoto and Byron Rosen represented the seller in the deal. According to Hanacek, the deal marks Seattle MSAs largest garden-style apartment community transaction in 2021.




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