Hines, Oaktree buys luxury multifamily complex in Bellevue, Wash.
Hines, with a subsidiary of funds managed by Oaktree Capital Management, has acquired Main Street Flats, a luxury multifamily complex in Bellevue, Wash.
Main Street Flats consists of 425 units featuring a mix of studio, one-bedroom and two-bedroom apartments. Residents also enjoy access to a rooftop terrace with spectacular city views, a state-of-the-art fitness center and a resident lounge. The ground floor features 12,000 square feet of retail space.
“The Eastside office market, including downtown Bellevue, is experiencing unprecedented growth from many of the world’s largest technology tenants, and this influx of new jobs is driving residential demand in premium locations such as Bellevue,” said John Coombs, director at Hines. “We have long held a strong conviction for the Bellevue submarket and believe our timing, with all of the momentum on the Eastside, couldn’t be better.”
Bellevue is currently one of the most active submarkets in the Seattle