Sale of Standard Bellevue
Meter is pleased to announce its most recent sale. The Standard Bellevue, located at 2801 130th Ave. SE, Bellevue, WA. 98005
During our initial due diligence period, Meter recognized the excellent location and quality characteristics of the asset would create a very strong investment. Over the course of Meter’s ownership, an extensive renovation was completed transforming the property from Class D to Class A. The renovation also created a significant amount of equity which allowed the investment group to purchase a 94 unit apartment building in San Diego, CA utilizing a bridge loan.
Prior to closing of the sale, Meter identified a 70 unit apartment building in Mountlake Terrace, WA that we will purchase through a 1031 Tax Deferred Exchange. Meter has invited all Standard Bellevue investors to participate. The 24 unit, fully-leased property was sold at $8,400,000 or approximately $389 per square foot by CBRE Seattle. This location met the buyer’s demand for a high cash flow, turn-key property.
Meter would like to thank all participating investors in this successful project.
History of Standard Bellevue:back
Purchase Date: 10/31/2014
Purchase Price: $4MM
Bridge Loan: 1,877,318 6/14/2016
Sale Date: 5/12/2017
Contract Sales Price: $8,400,000
Return on Investment: 44%