Cushman & Wakefield has brokered the sale of Bellefield Manor, a 44-unit apartment in downtown Bellevue, Washington. The value-add asset was acquired by a California-based investor for $16.1 million. Cushman & Wakefield’s Dan Chhan, Tim McKay, Sam Wayne, and Matt Kemper represented the seller, a local family investor, in the transaction.

“Marking the first time the property was available for sale in more than 50 years, this was truly a rare multifamily market opportunity in downtown Bellevue,” said McKay. “Through a strategic capital improvement plan, the buyer may be able to further elevate Bellefield Manor to compete with the higher-end apartment product in the area, where demand continues to outweigh current supply for tier 1 housing.

The buyer plans to make upgrades to the property, which has already undergone extensive interior and exterior renovations and is located on nearly two acres. Situated at 1830 108th Ave SE, Bellefield Manor is near restaurants, entertainment, and the Beelvue Square retail shopping center.