June 2, 2016 Comments Off on 400-Unit Overlook at Lakemont in Bellevue Acquired for $118M Views: 387 California News, National News, Washington, West

400-Unit Overlook at Lakemont in Bellevue Acquired for $118M

Security Properties and Pacific Life Insurance Co. bought Overlook at Lakemont, a 400-unit, Class B multifamily complex. The $118 million transaction was Security Properties’ first with Pacific Life.

The property at 5305 Lakemont Blvd. S.E. is in an area in which the average home price is $900,000, while average income is $130,000. The new owners will renovate the units, update the clubhouse, replace the roof, re-side the property and paint the exterior. Security Properties-affiliate Madrona Ridge Residential will manage the asset.

Jeff Williams, Chris Ross and Tim Brown of Moran & Co. brokered the deal between the buyers and seller Heitman. “This was a rare opportunity for us to buy in one of the best residential neighborhoods in the Seattle metro,” said Davis Vaughn, Security Properties’ Investment Manager.

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