Cushman & Wakefield has brokered the sale of the 108-unit Sagebrook Senior Assisted Living and Memory Care community in Bellevue, Washington to Great Expectations, LLC which plans to convert the property into an apartment community for people earning 60 to 80 per cent Area Median Income (AMI).
Located on approximately 2.3 acres, Bellevue was acquired for US $16.5 million and will be rebranded under the current plans.
Cushman & Wakefield Managing Director Dan Chhan, Tim McKay, Sam Wayne, and Matt Kemper represented the seller in the transaction.
“All units currently have a bathroom and either a full kitchen or kitchenette.
The buildings are also wood-framed and surface parked, making it viable to move walls, plumbing drain and/or supply lines, and generally configure the finishes in a manner more suitable for multifamily housing.”
The opportunity to reposition this value-add asset to multifamily housing is fully supported by the current apartment rents and the need and demand for affordable housing in the area combined with the property’s existing structural functionality as an adaptive reuse development.
“The property also recently underwent a multi-million-dollar capital renovation, including cosmetic upgrades throughout both the common areas and units, and functional improvements to areas such as window replacement, roof replacement and HVAC upgrades.
"Additionally, the substantial common areas, central activity, and dining rooms can be reconfigured to common kitchens or additional apartments units, amenity spaces or demolished altogether to create more surface parking.”
Located at 15750 NE 15th St, Sagebrook is conveniently located adjacent to Crossroads Bellevue Shopping Center, a major grocery-anchored retail destination that includes a Dick’s Sporting Goods outlet, Regal Cinema, and a myriad of dining and retail options.
Additionally, two Link Light Rail System stations scheduled for completion this year are within a mile of the property.
