BELLEVUE, WA-Essex Property Trust, the Palo Alto-based apartment REIT, purchased the Courtyard Off Main Apartments in Bellevue for $30 million. Built and sold by local developer Courtyard Off Main LLC, the community consists of 110 apartment homes with 7,573 square feet of commercial space.
Philip Assouad and Giovanni Napoli of GVA Kidder Mathews brokered the transaction. Constructed in 1999, Courtyard is located in the heart of Bellevue, just blocks from boutiques, fine dining, high end retailers and the CBD.
Residents enjoy 990 square foot units with views of the downtown skyline and Meydenbauer Bay. Although Essex is adding to their already considerable Seattle portfolio of 6,500+ units, Courtyard is their first acquisition in downtown Bellevue.
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