A brand new building in downtown Bellevue has sold for $176.5 million, the largest apartment sale of the year in King County.
Equity Residential, the third-largest apartment landlord in the country, bought Venn at Main, a seven-story project at the gateway to Old Bellevue, from the Wolff Co., an Arizona-based company that developed the massive project. The purchase is Equity’s second property in downtown Bellevue and its fifth in Bellevue overall.
Rents at Venn at Main range from $1,600 for a 444-square-foot studio to $3,640 for a two-bedroom, two-bath apartment, reports Puget Sound Business Journal. The building features 353 apartments and 25,000 square feet of retail space. Home furnishings store West Elm is the anchor tenant, a convenient amenity for the building’s residents.
Other amenities include a pet washing station, rooftop lounge, games room with a billiards table, and bike storage.
Around 1,650 units have been built over the past three years in West Bellevue, according to Dupre + Scott Apartment Advisors. The Seattle firm expects that nearly 260 units will open this year, with around 1,225 forecast to open in 2018 and 2019, reports PSBJ.
The second highest sale of the year was Radius, an apartment complex next to Amazon headquarters in South Lake Union that went for $141 million, or $500,000 a unit in February.