September 5, 2019 Comments Off on West Freeman Lands Limestone Court for $30M in Reverse 1031 Exchange Views: 479 Seattle & Pacific Northwest News, Seattle News, Top Seattle

West Freeman Lands Limestone Court for $30M in Reverse 1031 Exchange

West Freeman Properties (WFP) acquired Limestone Court Apartments, a 48-unit mixed-use asset in Bellevue for $29.5 million. The trophy property is located at 900 108th Ave. NE near Amazon’s recently-purchased ($194.4 million) 600 108th Ave. NE.

WFP’s Connor Freeman says, “as long-term holders, the appeal of Limestone Court was the covered land play of purchasing a great existing asset with future development potential. We believe Amazon and the other tech companies that follow will be a catalyst for real estate values in Bellevue over the next decade.”

The property was acquired as the first part of a reverse 1031 exchange. WFP plans to sell five multifamily properties and five single family properties to consolidate into Limestone Court.

Pilot Ventures’ Casey Zejdlik and Jason Kono represented the buyer. This is the second time in two years that Pilot Ventures has represented WFP in the consolidation of properties through a 1031 exchange.

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