The locally-based developer repurchased the property from Cactus Properties Inc. for a smaller pricetag ($16.4 million) than it sold it for in 1999 ($19.6 million).
Claudio Guincher, Continental-Bentall's chief operating officer tells GlobeSt.com the complex originally was sold because "that was the program going in with our partners at that time." The company has repurchased the property back "because it's a good investment."
Given the softness in the Bellevue rental market and the potential strength it possesses, Guincher explains it was a good time to buy it.
The complex, located at 2220 132nd Ave. SE, sits at nearly 10 acres. When it sold in 1999, it marked a record high for the region. Guincher says Continental-Bentall has no current plans for the property at this time. It's "just a good investment."
There have been some substantial sales in the Puget Sound multifamily market. Sterling Heights, in Bellevue, sold for $117,241 per unit and Lionsgate Townhomes, in Redmond, for $154,250 per unit.
For the most part, however, "there is nothing for sale," according to a recent Hendricks & Partners report. Gregory Wendelken of Marcus & Millichap told GlobeSt.com in July that: "Buyer and seller expectations are definitely widening--there's really no news in the marketplace that gives anybody the feeling that there is anything giving a boost to population or employment growth. Until you get that, you're not going to get increases in rent and, therefore, increases in the value of property."
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