SEATTLE – February 3, 2021 – Berkadia today announced the $279.1 million sale of Hyde Square, a 618-unit garden-style multifamily property located in Bellevue, Washington. Senior Managing Director Kenny Dudunakis, Senior Directors David Sorensen and Ben Johnson and Associate Director George Pallis of Berkadia’s Seattle office completed the sale on behalf of the buyer, Illinois-based DWS, RREEF Management LLC. The seller was an undisclosed entity and the deal closed on January 19.
“Hyde Square is a trophy asset built by a best-in-class developer. Its location between the Microsoft campus and the rapidly growing Facebook offices in the Spring District, not to mention its proximity to light rail and the amenities of downtown Bellevue and Redmond, make Hyde Square arguably one of the most attractive properties in the Pacific Northwest. We have no doubt the new owners will do very well with this investment in the years to come,” said Senior Director David Sorensen.
Located at 2030 155th Place NE, Hyde Square features studio, one- and two-bedroom floor plans with quartz countertops, stainless-steel appliances and in-unit washers and dryers. Built in 2019, community amenities include a fitness and wellness center, a business center, several outdoor courtyards, a barbeque area with fire pits, a pet spa, several gaming tables and a theater room. The property affords residents convenient access to Bellevue College, Lake Washington Institute of Technology and the dining and shopping available along on NE 24th Street.
“All around this was a record-breaking sale, as this was the largest single-asset podium building ever sold in Washington state and the largest apartment deal sold in Washington state over the last 6 months. Also equally notable, that this was the largest apartment deal in the Bellevue area to be sold since 2013,” said Sorensen. “We were thrilled to be a part of this transaction.”