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Bellevue, WA Multifamily Property Goes for $16 Mil

12/15/23

Bellefield Manor, a 44-unit apartment community situated on 1.8 acres in downtown Bellevue, WA, was acquired by a California-based investor for $16.1 mil ($366k/unit).The buyer is expected to make additional cosmetic upgrades to the property, which has already undergone extensive interior and exterior renovations over the past decade.

Located at 1830 108th Ave SE, Bellefield Manor is just one mile from the Downtown Bellevue core, highlighted by dozens of diverse restaurants, high-end entertainment options, a top shopping center in the region, Bellevue Square, as well as exceptional schools. Downtown Bellevue is also home to over 175,000 jobs and features several major global companies across diverse industries.

The property is also situated within a half-mile of the new Sound Transit South Bellevue light rail station, anticipated to open in spring 2025. From the South Station, riders can easily commute around the region, including planned stops in Downtown Seattle, SeaTac Airport, and University of Washington.

Cushman & Wakefield’s Dan Chhan, Tim McKay, Sam Wayne, and Matt Kemper represented the seller, a local family investor, in the transaction.

“Marking the first time the property was available for sale in more than 50 years, this was truly a rare multifamily market opportunity in downtown Bellevue. Through a strategic capital improvement plan, the buyer may be able to further elevate Bellefield Manor to compete with the higher-end apartment product in the area, where demand continues to outweigh current supply for tier 1 housing,” said McKay. “Families and professionals continue to compete for the chance to live in sought-after Bellevue, recognized as one of most desired large cities on the West Coast.”





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