Future Residents Will Be One Rail Stop from Facebook’s Spring District Campus
Vulcan Inc. recently acquired a fully entitled 1.4-acre development site at 1600 132nd Ave. NE near the future location of the Bel-Red/130th Light Rail station for $17.9 million. The seller was Summerhill Apartment Communities.
Vulcan Real Estate plans to develop the site into a multifamily community to accommodate the Eastside’s growing population. This is Vulcan’s first property acquisition in Bellevue outside of the central business district and signals its strong commitment to a robust development pipeline in the Puget Sound region.
“The development opportunity aligns with our values and goals around sustainable transit-oriented development,” said Ada M. Healey, chief real estate officer for Vulcan. “With 10 million square feet of office space slated for delivery on the Eastside by 2025, much of which is pre-leased, we anticipate the creation of over 50,000 new jobs, driving strong apartment rental demand and rent growth in the years ahead.”
Vulcan will receive the property with permits in place for an eight-story building with 249 units. Construction could start as early as fourth quarter 2021, with completion in fourth quarter 2023.
“We are bullish on the future of the rental apartment market along the Bel-Red corridor and enthused with the opportunity to deliver a new project around the same time as the light rail station is completed,” said Scott Matthews, Vulcan’s senior director of acquisitions and residential development. “We intend to leverage our experience developing and leasing up 3,000 rental units in Seattle to attract a similar renter in Bellevue.”
Future residents will be two stops from Amazon’s downtown Bellevue campus, one stop from Facebook’s Spring District campus and two stops from Microsoft’s Redmond campus.
Runberg Architecture Group is the architect of record.
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.
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