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8/10/22
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Pulte Homes of Washington Inc purchased a 4.11-acre, transit-oriented development site located in the heart of the BelRed Corridor in Bellevue, WA for $26.05 mil. The property, located at 1723 127th Avenue NE, was sold by Umbrella Development LLC.
The parcel comprises 179.2k sf of land, approximately 4.11 acres, improved with surface and underground utility access. The property is zoned BR-R (“Bel-Red Residential”), allowing new ownership the option to execute a development plan for residential multifamily.
Located in the BelRed Corridor and only a few blocks from the Spring District Master Planned Development, the site offers excellent proximity to near-future retail and transportation amenities. The site is only minutes from Bellevue CBD – one of the premier urban office, retail and residential markets in the Western United States. The location provides immediate access to Highway 520 and is situated between two future light rail stations.
Kevin Shannon, Ken White and Tim O’Keefe with Newmark represented the seller in the transaction.
“With a location only minutes from downtown Bellevue and just one block from future light rail transit, this site offers a prime townhouse development opportunity,” said O’Keefe. “As the nearby Spring District and light rail stations complete construction, the highly amenitized and transit-oriented site will be prime for townhouse development.”
The Puget Sound region possesses a critical mass of well-capitalized and innovative companies that are global leaders in industries such as aerospace, biotechnology, global health, research, retail, software, technology and wireless services. Leading companies and organizations that draw upon the area’s highly educated and productive workforce include companies such as Amazon, Microsoft, Facebook, Google, The Boeing Company, Expedia, F5 Networks, Nordstrom, Costco Wholesale, Concur Technologies, REI, Starbucks, Nintendo USA, Esterline Technologies, T-Mobile USA and PACCAR. The region is one of the most dynamic real estate investment markets in the country, benefiting from a combination of topographical constraints on supply, and employment growth that consistently ranks above the national average. Favorable renter demographics, positive job numbers, strong population projections and a low unemployment rate also position the region as a strategic market for investment gains.
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