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SEATTLE-Bre Properties, Inc. has paid $21 million for an apartment complex in the hip Denny Regrade/Belltown area of Downtown.

The acquisition of LaScala Apartments expands the BRE Seattle portfolio to a total of 13 communities, 3,149 units, including two new developments in lease-up: the 248-unit Pinnacle BellCentre in downtown Bellevue, Washington; and Pinnacle at Lake Washington, a 180-unit community in Renton, Washington.

The 137-unit LaScala property is located in the Denny Regrade/Belltown district within walking distance to the central business district, the new Immunex waterfront headquarters under construction and the Seattle Center.

More than 75% of the apartment units are studios and one-bedrooms. The seven-story community features two levels of aboveground parking, an indoor pool and views of Puget Sound and the Olympic Mountain range.

BRE, a real estate investment trust, is interested in institutional grade acquisitions in key niche submarkets in Southern and Northern California, Denver and Seattle.

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