When I hear people not in real estate world whine about all the new construction, I point to sales like this where the asset value is $422,000/unit and most of the time I'm met with deer in headlights stares. Goodman is known for being very budget conscious so I bet they doubled their money on this deal.
San Diego investor pays over $190M for 451 Bel-Red units
By BRIAN MILLER
Real Estate Editor
Photo by MG Properties Group [enlarge]
The apartments have various amenities and plenty of parking, with a location that’s walkable to the future light rail station.
The former LIV Bel-Red, now dubbed Vue 22, has sold for over $190.6 million, according to King County records. The seller was an LLC associated with Kennedy Wilson, which acquired the property at 2170 Bel-Red Road
in 2016 for about $171.6 million.
The buyers were six LLCs associated with MG Properties Group of San Diego. Public records indicate a nearly $116.1 loan from Freddie Mac, sourced through JLL Real Estate Capital — whose Charles Halladay, Rick Salinas and Jake Wisnes secured the funding.
MG Properties announced the purchase last week on its website, and said its broker was a JLL team led by David Young, Corey Marx, Chris Ross and Jordan Louie. The deal was worth about $422,753 per unit.
Mark Gleiberman, CEO of MG Properties, said in a statement, “We have been very active purchasers in the Seattle region, and believe Bellevue is well-positioned to benefit from economic growth in the near term.”
Developed circa 2014 – 2015 in two phases by Goodman Real Estate, Vue 22 has 451 units in four midrise buildings. There are 476 structured parking stalls. The roughly 4.2-acre property is a little south of state Route 520. It's also about a 16-minute walk north to the future Overlake Village Station, where light rail service will begin in 2023.
Vue 22 also is close to Microsoft's main campus, which is undergoing a significant and costly refresh — signaling its commitment to a large physical campus in Bel-Red.
MG Properties-related LLCs last year paid about $119 million for the 383-unit Tivalli in Lynnwood, which was also sold by Kennedy Wilson. The company says, “We are targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.”
MG Properties now owns or manages over 76 West Coast apartment properties with 21,000 units. It values that portfolio at over $5 billion. Including Vue 22, it now has eight properties in our state, all in what might be called suburban ring markets, including Reunion at Redmond Ridge.