Cushman & Wakefield announced the firm has brokered the sale of Sagebrook, currently serving as a 108-unit Senior Assisted Living and Memory Care community ±2.3 acres in Bellevue, Washington. The property was acquired by Great Expectations, LLC for $16.5 million.
Cushman & Wakefield’s Dan Chhan, Tim McKay, Sam Wayne, and Matt Kemper represented the seller in the transaction.
“The opportunity to reposition this value-add asset to multifamily housing is fully supported by the current apartment rents and the need and demand for affordable housing in the area combined with the property’s existing structural functionality as an adaptive reuse development,” said Managing Director Dan Chhan. “All units currently have a bathroom and either a full kitchen or kitchenette. The buildings are also wood-framed and surface parked, making it viable to move walls, plumbing drain and/or supply lines, and generally configure the finishes in a manner more suitable for multifamily housing.”
Chhan continued, “The property also recently underwent a multi-million-dollar capital renovation, including cosmetic upgrades throughout both the common areas and units, and functional improvements to areas such as window replacement, roof replacement and HVAC upgrades. Additionally, the substantial common areas, central activity, and dining rooms can be reconfigured to common kitchens or additional apartments units, amenity spaces or demolished altogether to create more surface parking.”
Located at 15750 NE 15th St, Sagebrook is conveniently located adjacent to Crossroads Bellevue Shopping Center, a major grocery-anchored destination retail center including a Dick’s Sporting Goods, Regal Cinema, plus myriad dining and retail options. Additionally, the Link Light Rail System is currently under construction and is scheduled to deliver two stations in 2024 that are located within one mile of the property.
