Prometheus Real Estate Group has paid just over $16.5 million for the Limestone Court, a 48-unit downtown Bellevue apartment property with over 5,000 square feet of retail. Located at 900 108th Avenue NE in downtown Bellevue, the 48 unit community is a mix of one and two bedroom floor plans averaging 1,158 square feet.
The acquisition was financed with internal equity and a new loan in the amount of $10,700,000.
The company plans to hire subcontractors to do interior and exterior upgrades to better compete with the newer institutional sized properties in the neighborhood.
According to the company, the average apartment rent is $1.46 a square foot, and the going-in cap rate is 4.25 percent. Prometheus hopes to raise rents to around $1.65 a foot.
This acquisition brings Prometheus’ Pacific Northwest and Seattle-area portfolio to nineteen properties totaling 4,325 units.
