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4/21/08
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Somerset Green Townhomes, a 101-unit apartment community in Bellevue, WA, was acquired by an entity of San Francisco-based Carmel Partners for $24 mil ($237.6k/unit). The asset is located at 4200 to 4261 129th Place SE, east of the 405 Fwy and south of the 90 Fwy, about 10 miles east of Seattle.
The complex boasts a townhome environment in a quiet tree-lined community near the heart of Bellevue. The property’s design is based on New England-style architecture with gabled rooflines and eye-catching window treatments to let in the filtered light of the Northwest. Unit amenities include well-appointed and newly remodeled kitchens, full size washer/dryer, large bedrooms with vaulted ceilings, woodburning fireplaces and private decks or patios.
The buyer, CP II Somerset LLC, specializes in multifamily "value-add" apartment renovations and selectively pursues ground up development opportunities, condo conversions and joint venture deals. The company currently owns and manages a portfolio of 18,000 units. Carmel Partners recently completed three transactions in Northern California, Hawaii and Southern California. The acquisition of Somerset Green is their fourth purchase this year. The company plans to upgrade and reposition the asset to take advantage of the robust rental market.
"Despite the recent turmoil in the housing and capital markets, we have continued to find investment opportunities with rock solid fundamentals," said Chris Beda, Carmel Partners’ Chief Investment Officer. "Our recent acquisitions position Carmel Partners in premier locations in strong rental markets, and that’s exactly where we like to be."
The Seller was Somerset Green Townhouses Associates LLC of Seattle, WA. Kenny Dudunakis of the Seattle office of Hendricks & Partners brokered the transaction.
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