August 4, 2020
Stream Real Estate acquired Borgata Apartment Homes, a 71-home community located in Bellevue, from Denver-based UDR for $49.7 million. UDR notes, at the time of sale, the 19-year-old community had a weighted average monthly revenue per occupied home of $3,301 and physical occupancy of 97%.
The five-story property is located at 37 103rd Ave. N.E. in Old Bellevue next to the city’s central park, as well as public transit connections and multiple dining and retail options. Borgata Apartment Homes has studio, one- and two-bedroom apartments ranging up to 1,380 square feet. The community delivered in 2001 and offers such amenities as bicycle storage, a parking garage, an elevator and street-level retail space.
UDR had acquired the property in 2007 for nearly $31 million. Berkadia originated a 17-year, $30.5 million Freddie Mac acquisition loan on behalf of Stream.
For comments, questions or concerns, please contact Dennis Kaiser