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Redmond Apartment Complex Trades for $79M
A Bay Area LLC, part of Pacific Multifamily Investors, has purchased Skyline Redmond Apartments, a 192-unit multifamily property on Old Redmond Road in Redmond, WA. Redmond Place LP, associated with Bay Area investment group Gerson Bakar, sold the community for $79 million.
According to the Seattle Daily Journal of Commerce, the deal was worth about $410,000 per unit, and public records indicate a $36 million loan from Berkeley Point Capital, an entity of Newmark.
Constructed in 1986, Skyline Redmond Apartments is situated on 16 acres and consists of 16 buildings, including a clubhouse. The garden-style complex features community amenities that include a pool, playground and fitness center. The parking lot accommodates 350 vehicles, and the property has easy access to Highway 520 allowing just a 10-minute drive to downtown Bellevue and a 20-minute commute to downtown Seattle.
- ◦Sale/Acquisition
