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Virtu Investments Latches Onto the Virtues of Newly Built BLU Bellevue
BLU Bellevue, a 135-unit luxury mixed-use multifamily community in downtown Bellevue, recently traded for $109 million or $1,004.70 per-square-foot. The asset was acquired by Virtu Investments.
Built in 2020 by Continental Properties, BLU Bellevue overlooks Bellevue Downtown Park and is in walking distance from the 6 million-square-foot Bellevue Square Mall.
Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Anthony Palladino represented the seller, Continental Properties, and procured the buyer.
“Tech giants such as Amazon, Facebook, Google and Microsoft are currently fueling the growth of Bellevue and the surrounding area with these companies announcing major expansions within the next three years,” said Napoli. “The short- and long-term growth expected within Bellevue, along with the asset’s exceptional location across from Downtown Park and its best-in-class construction, were key factors for Virtu Investments purchasing a legacy asset such as BLU Bellevue.”
In total, Amazon’s current and planned office footprint in downtown Bellevue is approximately 6 million square feet.
- ◦Sale/Acquisition
