Source: Prometheus Real Estate Group / #Multifamily #Apartments
BELLEVUE, WA - Prometheus Real Estate Group, Inc. has purchased the Limestone Court apartments in Bellevue, WA in a $16.5 million transaction. The acquisition was financed with internal equity and a new loan in the amount of $10,700,000 from CBRE Multifamily Capital, Inc.
Located at 900 108th Avenue NE in downtown Bellevue, the 48 unit community is an excellent mix of well-designed one and two bedroom floor plans averaging 1,158 square feet. The Bellevue property also has over 5,000 square feet of retail. Built in 2001, the property is very well maintained with limited deferred maintenance. The business plan is to reposition the asset through an aesthetic exterior renovation that will include new paint and signage as well as a moderate update to the unit interiors to reflect the Class A nature of the building design and to better compete with the newer institutional sized properties in the neighborhood. The property's fantastic location in Downtown Bellevue provides easy access to major employers such as Microsoft, Expedia, T-Mobile and Eddie Bauer. Limestone is also a short walk to world class retailers such as Nordstrom and Neiman Marcus as well as many local parks and the new City library.
Patrick Calihan, Director of Acquisitions for Prometheus, states, "We are delighted to add Limestone Court to our Northwest portfolio and expect the asset to perform very well given its overall quality and the improvements we intend to execute." The brokers on the transaction were Philip Assouad and Giovanni Napoli of Kidder Mathews. This acquisition brings Prometheus' Pacific Northwest and Seattle-area portfolio to 19 properties totaling 4,325 units.
Since its inception in 1965, Prometheus Real Estate Group has specialized in the development and management of high quality residential properties throughout the Western United States. Today, they are the largest private owner of multi-family properties in the San Francisco Bay area with a growing portfolio which includes over 18,000 class A apartments in Seattle, Portland, the San Francisco Bay Area and Los Angeles. Recognition includes over 75 awards since the firm's inception including 2011 NAHB Best Property Management Company of the year.