Bellevue Suburb Experiences Major Apartment Complex Sale

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A modern apartment complex in Bellevue, highlighting the demand for multifamily housing in the area.

News Summary

A 195-unit apartment complex in Bellevue, Seattle, has been sold for $68.5 million amid a rising affordability crisis in the area. The sale reflects the increasing interest from investment firms and highlights the growing demand for multifamily housing. However, soaring rents and income gaps pose significant challenges for residents, prompting initiatives to preserve affordable housing in the community, such as the acquisition of the Aventine apartments by the Low Income Housing Institute.

Seattle’s Bellevue Suburb Witnesses Exciting Apartment Complex Sale Amid Affordability Crisis

In an interesting turn of events in the bustling Bellevue suburb of Seattle, a 195-unit apartment complex has officially changed hands for a staggering $68.5 million. The sale highlights ongoing trends in the local real estate market, particularly concerning the challenging affordability crisis affecting the region.

A Closer Look at the Recent Sale

The complex, located at 1501 145th Pl, Bellevue, WA, is just one of the many examples that demonstrate the increasing demand for multifamily housing in Bellevue. The transaction occurred between two investment firms based out of California, reflecting the growing interest from external players eager to capitalize on Bellevue’s thriving real estate scene.

If one looks back a few years, there’s another significant sale worth noting in the area. The Cortland Bellevue complex, a striking property consisting of 436 apartments across five-story buildings, sold for a whopping $101,099,000 about 3.5 years after changing ownership. Previously owned by an LLC affiliated with Atlanta’s Cortland Partners, this complex was bought for $155 million in September 2021, showcasing the rapid escalation in property values.

Perched on 17 acres at 7113 Charlotte Pike and opened just four years ago in 2019, Cortland Bellevue was part of a high-stakes market, with the last deal reaching approximately $355,000 per unit, which ranks it among notable transactions in the Davidson County area.

Who’s Buying Bellevue?

The new owner of Cortland Bellevue is the Houston-based Camden company, which has rebranded it as Camden West Nashville. The latest sale for Camden West Nashville translates to about $231,878 per unit, bringing to light the fluctuating fortunes in the local apartment market.

Affordability Challenges on the Rise

affordability crisis in Bellevue. The dramatic rise in average rents, particularly driven by tech giants in the region, has pushed rent prices soaring above $3,000 per month. In a city where approximately 70% of households earn at least $100,000 annually, the gap between income and rent costs continues to widen. 68-unit Aventine apartments at 211 112th Ave NE. This deal, made for $29.2 million, aims to preserve affordability in the community for a remarkable minimum of 99 years. The property serves a crucial role, catering to formerly homeless veterans and individuals with disabilities. The income restrictions set for the new tenants fall between 30% to 80% of the area’s median income, emphasizing the drive to keep housing accessible.

Collaboration for Change

The successful acquisition by LIHI involved support from various public and private agencies, overcoming numerous challenges throughout the financing process. The teamwork was acknowledged with a CoStar Impact Award for 2025, celebrating efforts to address housing equity effectively.

The Aventine apartments come with an appealing design, featuring studios as well as one- and two-bedroom units, and they are conveniently located near Bellevue’s new Sound Transit East Main Station. Such amenities make them a promising option for those seeking affordable living in a vibrant community.

Looking Ahead

As Bellevue continues to navigate a challenging real estate landscape, the community’s steadfast determination to preserve affordable housing will undoubtedly play a pivotal role in shaping the future of this beautiful suburb.