Bel-Red Transit-Oriented Development Site Sells for $12.3M
Seattle, Wash. – Kidder Mathews’ Multifamily Investment Team led by Dylan Simon and Jerrid Anderson closed the sale of a 1.4 acre transit-oriented development site (1600 132nd Ave NE, Bellevue, WA) located next to the planned Bel-Red/130th East Link light rail station. The transaction closed on Tuesday, March 31, for $12,300,000, which is equivalent to $200 per land square foot.
Investment within the Bel-Red corridor, including the $2.3B Spring District, the East Link Extension opening in 2023, and tech employers growing their presence in both Bellevue and Redmond, transformed the Eastside into one of the Puget Sound region’s most future-proofed areas for multifamily investors and developers.
Dylan Simon, Executive Vice President, and Jerrid Anderson, Executive Vice President, of Kidder Mathews’ Seattle office represented the seller, a private family office.
The buyer, SummerHill Apartment Communities, received approval in March for a 249-unit building designed by Runberg Architecture Group featuring a courtyard that will face the new light rail station. SummerHill was not represented by a broker.
In the News
- SummerHill buys $12M Bel-Red site – Daily Journal of Commerce
- Bel-Red Transit-Oriented Development Site Sells for $12M – ConnectCRE
- Bellevue Development Site Trades Hands for $12.3MM – The Registry
- SummerHill Apartment Communities Buys Transit-Oriented Development Site in Metro Seattle for $12.3M – REBusiness Online
- Deals still getting done, and this $12M property sale in Bellevue is proof – Puget Sound Business Journal