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West Freeman Lands Limestone Court for $30M in Reverse 1031 Exchange

West Freeman Properties (WFP) acquired Limestone Court Apartments, a 48-unit mixed-use asset in Bellevue for $29.5 million. The trophy property is located at 900 108th Ave. NE near Amazon’s recently-purchased ($194.4 million) 600 108th Ave. NE.

WFP’s Connor Freeman says, “as long-term holders, the appeal of Limestone Court was the covered land play of purchasing a great existing asset with future development potential. We believe Amazon and the other tech companies that follow will be a catalyst for real estate values in Bellevue over the next decade.”

The property was acquired as the first part of a reverse 1031 exchange. WFP plans to sell five multifamily properties and five single family properties to consolidate into Limestone Court.

Pilot Ventures’ Casey Zejdlik and Jason Kono represented the buyer. This is the second time in two years that Pilot Ventures has represented WFP in the consolidation of properties through a 1031 exchange.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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