Keelbase Capital Acquires The Baxter Apartments in Bellevue

Keelbase Capital, a Seattle-based real estate investment firm, announced the acquisition of The Baxter, an 80-unit apartment community in downtown Bellevue.

The acquisition reflects Keelbase’s strategy of targeting fundamentally strong, well-located real estate where capital market dislocations have created attractive investment opportunities. The transaction was capitalized with a group of prominent private investors and family offices that invested alongside Keelbase, while the firm is also under contract on several larger multifamily acquisitions with institutional investment partners.

“This is precisely the type of opportunity we envisioned for Keelbase,” said Cooper Engst, principal and co-founder at Keelbase Capital. “The prior capital structure was put in place in a very different interest-rate and valuation environment, and our entry point today is more attractive than would have been possible several years ago.”

Located at 11115 NE 2nd St., The Baxter is a five-story apartment community built in 1997 and renovated in 2023, within walking distance of East Link light rail and downtown Bellevue’s major employers.