A new apartment complex in Bellevue, highlighting the city's dynamic real estate market.
In Bellevue, Washington, a 195-unit apartment complex has been sold for $68.5 million amid an ongoing affordability crisis. This transaction reflects a growing trend of investment in the area as tech companies drive demand for housing. Meanwhile, affordable housing efforts are gaining attention, highlighted by the acquisition of 68-unit Aventine apartments for $29.2 million, aimed at preserving affordability for vulnerable populations.
Welcome to Bellevue, Washington, where the bustling economy meets the struggle for affordable housing. In a significant real estate transaction, a 195-unit apartment complex located at 1501 145th Pl has been sold for an impressive $68.5 million. This deal marks yet another step in Bellevue’s ever-evolving landscape, especially in light of the ongoing affordability crisis facing many residents.
The buyer and seller in this recent transaction are two California-based multifamily investment firms, continuing an ongoing trend of investment in properties located in this prosperous suburb of Seattle. The region has seen an influx of investment capital fueled by high demand for housing, particularly as tech companies continue to thrive and expand in the area.
Not too far away, another apartment complex, Cortland Bellevue, sold for a staggering $101,099,000 just 3.5 years after changing ownership. Originally owned by an LLC affiliated with Atlanta-based Cortland Partners, this complex was purchased for $155 million in September 2021, making its recent sale a notable instance in the local real estate market.
Nestled on 17 acres and featuring 436 apartments across multiple five-story buildings, Cortland Bellevue opened its doors in 2019. The figures from its last deal, standing at approximately $355,000 per unit, highlight it as one of the significant real estate transactions within Davidson County, an area that has seen a record unit sale price of $367,000 in late 2021.
The new owners of Cortland Bellevue, now rebranded as Camden West Nashville, are based in Houston. Their acquisition translates to roughly $231,878 per unit. With prices like these, it’s easy to see why many are alarmed at the rising cost of living in the area.
Beyond high-profile sales, the issue of affordable housing is a pressing concern, particularly in a city where average rents are soaring above $3,000 per month. In an effort to combat these rising prices, the Low Income Housing Institute (LIHI) made a splash by acquiring the 68-unit Aventine apartments at 211 112th Ave NE for $29.2 million. This acquisition aims to preserve affordability for a remarkable 99 years.
The Aventine apartments are not just any living spaces; they serve as crucial housing for formerly homeless veterans and individuals with disabilities. With a newly established income restriction ranging from 30% to 80% of the area’s median income, these units are set to provide a much-needed safety net in downtown Bellevue.
Approximately 70% of households in Bellevue earn at least $100,000 annually, making the urgency for affordable housing even more apparent. The LIHI’s recent acquisition was made possible through the cooperation of various public and private entities, which navigated through several logistical challenges to facilitate the financing process.
Designed to include studios as well as one- and two-bedroom units, Aventine’s location is favorable, right by Bellevue’s new Sound Transit East Main Station. This makes it exceptionally convenient for its residents, who can stay connected without the need for a car in increasingly car-restricted urban zones.
The collaborative effort behind the Aventine deal was recently recognized when it received a 2025 CoStar Impact Award for its significant strides towards housing equity. Furthermore, LIHI plans to pursue additional funding from the state Housing Trust Fund later this year to continue their mission of providing affordable living options.
In summary, while the real estate market in Bellevue showcases soaring prices and high-stakes transactions, the ongoing endeavors to bolster affordable housing offer a glimmer of hope for many residents. It’s a complex mix of prosperity and challenge that shapes this dynamic city, making it a focal point in the housing conversation.
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