Bellevue’s growth prompts $40M real estate investment



Grosvenor Americas on Tuesday said it has paid $40.2 million for a 101-unit Bellevue townhouse project called Somerset Green, and plans to make $5 million in upgrades to the 1980s-era property near Newport High School.

Grosvenor, an international company whose U.S. headquarters are in San Francisco, bought Somerset Green, 4249 129th Place S.E., in part because of all the new development occurring in Bellevue, said Grosvenor General ManagerMark Purdy. He said the development of office and retail projects will continue to boost demand for rental properties, and called the property "a strategic acquisition" for the company's Puget Sound area portfolio, which now totals nearly 1,500 units.

The property's location near the interchange of Interstates 90 and 405 was a draw as an investment. In addition, Somerset is a 10-minutes drive from T-Mobile's headquarters, and it's within walking distance to the Marketplace at Factoria, which has a Target and a Wal-Mart.

Somerset consists of 18 buildings across seven acres. The new owner plans to upgrade the buildings' exteriors and apartment interiors as well as improve the landscaping. It was not immediately clear if Grosvenor has selected contractors.

Carmel Partners Inc., a San Francisco real estate investment and development company with an office in Seattle, sold Somerset to Grosvenor. Kenny Dudunakis, Ben Johnson, and David Sorensen of Berkadia marketed the property for sale.

With the acquisition, Grosevenor owns, either wholly or in joint venture partnerships, nearly 3,350 rental units in the United States and Canada.

[ via BizJournal ]
Location: San Francisco, CA, USA

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