SummerHill Apartment Communities Buys Transit-Oriented Development Site in Metro Seattle for $12.3M
BELLEVUE, WASH. — SummerHill Apartment Communities has acquired a 1.4-acre transit-oriented development site, located at 1600 132nd Ave. NE in Bellevue. The property is situated next to the planned Bel-Red/130th East Link light rail station. A private family office sold the asset for $12.3 million, or $200 per land square foot.
SummerHill received approval in March to construct a 249-unit multifamily building. Runberg Architecture Group designed the project, which will feature a courtyard that will face the new light rail station.
Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the deal.