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Seattle & Northwest  + Seattle  + Apartments  | 
Redmond Apartment Complex Trades for $79M

Redmond Apartment Complex Trades for $79M

A Bay Area LLC, part of Pacific Multifamily Investors, has purchased Skyline Redmond Apartments, a 192-unit multifamily property on Old Redmond Road in Redmond, WA. Redmond Place LP, associated with Bay Area investment group Gerson Bakar, sold the community for $79 million.

According to the Seattle Daily Journal of Commerce, the deal was worth about $410,000 per unit, and public records indicate a $36 million loan from Berkeley Point Capital, an entity of Newmark.

Constructed in 1986, Skyline Redmond Apartments is situated on 16 acres and consists of 16 buildings, including a clubhouse. The garden-style complex features community amenities that include a pool, playground and fitness center. The parking lot accommodates 350 vehicles, and the property has easy access to Highway 520 allowing just a 10-minute drive to downtown Bellevue and a 20-minute commute to downtown Seattle.

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Inside The Story

Pacific Multifamily InvestorsGerson BakarBerkeley PointSkyline Redmond Apartments

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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