Multifamily owner-operator and investment manager Pacific Urban Investors has acquired Edgewood Park, now renamed Alder Bellevue, a 195-unit apartment community in Bellevue, WA. The acquisition of Edgewood Park brings Pacific’s Seattle metro portfolio to 2,623 units across 13 properties.
Edgewood Park is a low density, garden style community with 372 parking spaces. The coveted Eastside location offers proximity to thousands of high paying jobs in Bellevue, Redmond, and Kirkland, including employers such as Amazon, Microsoft, and Google. The community offers a full amenity set including two swimming pools, a fitness center, and ample green space, all at a steep discount in rent to newer deliveries in surrounding cities.
“Edgewood Park gives Pacific the opportunity to acquire a low-density apartment community in an employment-rich market. Rent levels at the community offer a tremendous value proposition to newer apartment communities while offering amenities such as balconies, an abundance of parking, and townhome style units,” said Zach Williams, Vice President of Investments at Pacific. “We are excited to improve the resident experience at this community through targeted enhancements to the exterior, amenity set, and unit interiors.”
“The property fits squarely within Pacific’s investment thesis; lower density, vintage communities in desirable, core locations at a significant discount, in rent and in basis, to new deliveries,” said John Fluke, Managing Director of Investments. “The Property’s positioning provides residents access to Seattle’s major Eastside employment nodes, most notably downtown Bellevue, at nearly a 50% discount in monthly rent, which should result in strong and durable demand.”
