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CushWake Advises Sale of Bellevue Adaptive Reuse for $16.5M

Cushman & Wakefield has brokered the sale of Sagebrook, currently serving as a 108-unit Senior Assisted Living and Memory Care community in Bellevue, Washington. The property was acquired by Great Expectations, LLC for $16.5 million.

Cushman & Wakefield’s Dan Chhan, Tim McKay, Sam Wayne, and Matt Kemper represented the seller in the transaction. The buyer plans to rebrand and adaptively convert the property into a 108-unit apartment community that will be used for 60-80 percent Area Median Income (AMI) housing.

“The opportunity to reposition this value-add asset to multifamily housing is fully supported by the current apartment rents and the need and demand for affordable housing in the area combined with the property’s existing structural functionality as an adaptive reuse development,” said Chhan.

Located at 15750 NE 15th Street, the property is adjacent to Crossroads Bellevue Shopping Center, and two light rail stations are under construction within one mile of the property.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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