The Sobrato Organization has closed on a major residential buy in the Pacific Northwest, paying $192.85 million for Soma Towers, a 273-unit ($706.4k/unit) multifamily community in Bellevue, Washington.
Located at 288 106th Avenue NE in Bellevue, Soma Towers has two towers with a mix of studio, one- and two-bedroom units, as well as two- and four-bedroom penthouse suites. The towers also have 30k sf of commercial space across two floors that is 90% leased to world-class restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room.
Soma Towers is at the heart of Downtown Bellevue and is just blocks to the city’s largest retail centers, top-tier restaurants, parks, light rail station and major Eastside employers in technology, social media, gaming and artificial intelligence.
CBRE’s Eli Hanacek, Kyle Yamamoto and Mark Washington represented the seller, Su Development. According to Hanacek, the property garnered significant interest from buyers because of the exceptional quality of the asset, strength of the market and long-term fundamentals.
The Sobrato Organization (TSO) is a multi-generational, family-owned firm based in Silicon Valley dedicated to leveraging its family-owned enterprise in support of its mission of building a more equitable and sustainable world through business and philanthropic leadership.
