BELLEVUE, WA-Essex Property Trust, the Palo Alto-based apartment REIT, purchased the Courtyard Off Main Apartments in Bellevue for $30 million. Built and sold by local developer Courtyard Off Main LLC, the community consists of 110 apartment homes with 7,573 square feet of commercial space.
Philip Assouad and Giovanni Napoli of GVA Kidder Mathews brokered the transaction. Constructed in 1999, Courtyard is located in the heart of Bellevue, just blocks from boutiques, fine dining, high end retailers and the CBD.
Residents enjoy 990 square foot units with views of the downtown skyline and Meydenbauer Bay. Although Essex is adding to their already considerable Seattle portfolio of 6,500+ units, Courtyard is their first acquisition in downtown Bellevue.
As GlobeSt.com previously reported, Essex is on a buying streak. It recently bought the 165-unit apartment complex, the Santee Court, for $31.1 million or about $156 per square foot. In addition, it purchased Bella Villagio Apartments, a 231-unit luxury apartment community, for $54 million from Sares Regis Group and its partner, Cigna Realty Investors. It also recently purchased the Commons apartment complex for $42.5 million or $160,985 per unit.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
