Cushman & Wakefield recently facilitated the sale of Sagebrook, a 108-unit Senior Assisted Living and Memory Care community in Bellevue, Washington. The property was purchased by Great Expectations, LLC for $16.5 million.
The transaction was handled by Cushman & Wakefield’s team of experts including Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper who represented the seller. The buyer plans to rebrand and convert the property into a 108-unit apartment community with affordable housing options for those earning between 60-80 percent of Area Median Income (AMI).
According to Chhan, “The potential to transform this value-add asset into multifamily housing is bolstered by current apartment rents as well as the demand for affordable housing in this area. Additionally,the property’s existing structural functionality makes it an ideal candidate for adaptive reuse development.”
Conveniently located at 15750 NE 15th Street near Crossroads Bellevue Shopping Center with two light rail stations currently under construction within one mile from the site.
This transaction marks another successful deal completed by Cushman & Wakefield without mentioning any specific regions or brands.
