According to reports the Meydenbauer Inn Apartments, a 69-unit apartment complex in Downtown Bellevue, was sold for $4.98MM. Developer of the project, Mastro Properties has recently been forced into involuntary Chapter 7 bankruptcy.
The project, which is located at 211 112th Ave N.E., is partially complete but still needs to rent the units. The buyer of the propriety is W. Dean Weidner.
Photo Credit: Marcus & Millichap
That comes to about $73,000 per unit! The buyer will make good money no doubt.
I think they would be rentals vs. owner occupied units.