Cerasa’s Location Seals the $109M Deal in Bellevue
Cerasa, a 154-unit apartment building in downtown Bellevue, WA, recently sold for $109 million or $707,792 per unit. Downtown Bellevue is quickly becoming the Pacific Northwest’s technology and employment hub, near recreation, shopping, fine dining, nightlife and Amazon’s 6 million square feet of office space. Bellevue’s future Grand Connection park and plaza space is within blocks.
Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc., brokered the transaction. IPA’s Philip Assouad and Giovanni Napoli represented the seller, Evergreen Point Development LLC, and procured the buyer, Virtu Investments. This is the second sale IPA closed in downtown Bellevue with the buyer in the past four months.
“Completed in 2019, Cerasa is one of the best executed developments in the region. The property has a concrete and steel panel design to reduce sound transmission and vibrations, and ample community amenities including a spacious residents’ clubhouse and top floor penthouse units with 11-foot to 14-foot ceilings,” said Assouad. “The property is blocks from Bellevue’s affluent booming tech employment sector and a light rail station that will open in 2023.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.