News Summary

Bellevue, a suburb of Seattle, recently saw notable real estate activity with the $68.5 million sale of a 195-unit apartment complex. This sale reflects the ongoing challenges of housing affordability in the area, where average rents exceed $3,000 a month. Additionally, the Low Income Housing Institute’s acquisition of 68 units aims to preserve affordability for vulnerable populations. With significant interest from out-of-state investment firms, Bellevue’s housing market is under scrutiny as local authorities strive to address the increasing demand for affordable housing solutions.

Seattle’s Bellevue Suburb Sees Significant Apartment Sale Amid Housing Affordability Woes

Bellevue, a bustling suburb of Seattle, recently made headlines with the sale of a 195-unit apartment complex for an eye-popping $68.5 million. The deal caught the attention of many, highlighting the ongoing challenges in the city’s affordable housing landscape. This transaction was made between two multifamily investment firms based out of sunny California, emphasizing how out-of-state players are increasingly interested in Bellevue’s lucrative real estate market.

Location, Location, Location

The apartment complex, located at 1501 145th Pl, represents a slice of Bellevue’s real estate pie that is becoming even more sought after as demand for housing skyrockets. This suburb is known for its proximity to tech giants and its vibrant community, but it also faces the harsh realities of soaring rents which are pushing many residents to the brink.

In fact, Bellevue is becoming a hotspot where the average rent has surpassed a staggering $3,000 per month. With many local households—about 70%—earning at least $100,000 annually, the affordability crisis is all the more alarming. Residents are beginning to feel the strain, and local agencies are stepping up to address the challenges head-on.

A Different Kind of Deal

In other property news, Cortland Bellevue—a much larger apartment complex boasting 436 apartments across multiple five-story buildings and sprawling over 17 acres—changed hands for an impressive $101,099,000 just 3.5 years after its last ownership shift. Originally purchased for $155 million back in September 2021, this complex is located at 7113 Charlotte Pike and first opened its doors in 2019. The financial acumen displayed through these transactions shows the growth trajectory for multifamily housing units.

But here’s a twist: the new owners, Houston-based Camden, have rebranded the property as Camden West Nashville. When you do the math, that previous sale valued each unit at about $355,000, making it one of the biggest transactions in Davidson County, with a record sale price of $367,000 per unit occurring in late 2021. For Camden West Nashville, the recent sale comes out to roughly $231,878 per unit, which shows a strong investment trend.

Focusing on Affordability

In a positive turn for community needs, the Low Income Housing Institute (LIHI) made a notable acquisition of 68-unit Aventine apartments located at 211 112th Ave NE for $29.2 million. This deal is particularly significant, as it aims to preserve affordability in the ever-dynamic Bellevue market for at least 99 years. The property is dedicated to serving previously homeless veterans and individuals with disabilities, featuring new income restrictions of 30% to 80% of the area’s median income, which adds a safety net for those who need it the most.

This collaborative effort involved multiple public and private agencies working together to tackle the challenges of affordable housing, underscoring the urgency of the issue. The successful broker behind this deal, Berkadia, even earned a 2025 CoStar Impact Award for their role in promoting housing equity. The design of the Aventine apartments includes a mix of studio, one- and two-bedroom units, strategically located near Bellevue’s future Sound Transit East Main Station.

Bellevue’s Mayor has lauded the teamwork that facilitated this pivotal acquisition, signaling a shared commitment to ensuring that affordable housing remains a key priority. Looking ahead, the LIHI plans to pursue additional funding from the state’s Housing Trust Fund later this year, reflecting their ongoing commitment to championing affordable housing in Bellevue.

As Bellevue continues to grow, balancing luxury living with affordable housing will remain a hot topic. With significant investments in real estate, both from within the state and beyond, residents can only hope that such developments will lead to more options that cater to a diverse range of incomes, making Bellevue a welcoming place for everyone.