Renton is One of Bellevue’s Economic Beneficiaries

RENTON, WA—The Renton Sage, a 284-unit garden-style multifamily property, sold late last year for $59.5 million. The buyer was an affiliate of New York-based Abacus Capital Group LLC and the seller was California-based New Standard Equities Inc.

Senior managing director Kenny Dudunakis and senior directors David Sorensen and Ben Johnson of Berkadia’s Seattle office completed the sale on behalf of the seller.

“With the growth of both Bellevue and Renton, especially the Renton Landing and Southport, we anticipate the Renton Sage will see continued strength in terms of its performance,” said Johnson.

Located at 4455 NE 12th St., the Renton Sage features two- and three-bedroom floor plans with walk-in closets, dishwashers, and in-unit washers and dryers. Community amenities include a fitness center, a pool, a playground, a basketball court and walking trails.

The property has convenient access to Riverview Park, Renton Technical College, and the shops and restaurants along NE Sunset Boulevard. The appeal of Bellevue is unmistakable, says Sorensen..

“Bellevue’s economic success has led to an increase in rents and stronger demographics throughout the Eastside region of Seattle, and Renton is surely one of the beneficiaries,” Sorensen tells GlobeSt.com. “Historically known as a commuter city with a strong blue-collar workforce tied mostly to Boeing, Renton has seen improving demographics, strong housing prices and rent growth, and significant commercial investment, including the more than $1 billion mixed-use project at Southport near downtown Renton. The recent multifamily sales observed in Renton are a testament to the city’s improving desirability among renters and within the investment community in general.”

Sorensen points to several demographic and workforce data points that support this economic success.

“Throughout this economic cycle, Seattle and its Amazon-led job growth have garnered most of the headlines both locally and nationally,” he tells GlobeSt.com. “However, real estate investors from across the globe have taken note of Bellevue’s growing population of well-compensated (56% of households have incomes exceeding $100,00), highly educated (66% of residents over the age of 25 have a bachelor’s degree or higher) tech and other white-collar workers. Combining these factors with a relatively business-friendly environment and some of the highest single-family home prices on the West Coast all have made Bellevue one of the most sought-after markets in the region for commercial real estate investment, specifically in the multifamily space.”