A prime Bellevue mixed-use apartment development site across from the Bel-Red/130th East Link Light Rail Station sold last Friday in a transaction structured by Kidder Mathews. The 1.4-acre property is located at 1600 132nd Avenue NE in Bellevue, Washington.
Dylan Simon, Jerrid Anderson, and Max Frame of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller in the marketing and sale of the property.
SummerHill Apartment Communities purchased the property in April 2020, and before selling to the buyer in Friday’s transaction, finalized entitlements and permitting for the eight-story, 249-unit apartment development site. The building was designed by Runberg Architecture Group, and its design and light rail adjacency contribute to the emerging pedestrian-friendly and walkable future of the Spring District and Bel-Red Corridor.
“We want to thank both seller and buyer for an extremely smooth transaction,” noted Simon. “SummerHill was extremely prescient about this emerging residential district in its acquisition of this property,” said Simon, continuing, “despite challenges in the regional apartment market during 2020, SummerHill’s clear vision on Bellevue as an exceptional apartment market ensured that this project kept moving forward during this last year and the buyer of this project will set a new standard for apartment living in the Bel-Red corridor with this project.”
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit dylansimon.com.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.