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News release

Seattle

Tech Growth Spurs Sale of Luxury Seattle Area Apartments

JLL completes $172 million sale of LIV Bel-Red luxury apartments


SEATTLE, September 15, 2016 – A continued expansion of the technology sector and a high barrier to home ownership continue to make Seattle-Bellevue multifamily assets sought after investment vehicles. On behalf of Goodman Real Estate, JLL’s Capital Markets experts today announced the firm completed the sale of LIV Bel-Red, a 451-unit luxury apartment complex located in Bellevue, Washington. Kennedy Wilson purchased the four-building complex for $172 million.

Managing Directors David Young and Corey Marxled the JLL team on the sale, which represents the largest multifamily transaction of 2016 and the third largest sale ever in the Puget Sound Region.​

"LIV Bel-Red provides the top quality amenities and live, work, play location that the influx of tech young employees in the Seattle-Bellevue market covet," said Young. "Suburban assets continue to remain attractive to the growing workforce as connectivity to the city and nearby employers is among the best in the country."

Added Marx, "Investor interest in LIV Bel-Red is representative of a strong desire for extremely well located suburban assets surrounded by major employers, light rail, and an evolving retail scene."

LIV Bel-Red provides residents with access to many of the area's top tech employers while also providing quick access via public transportation to downtown Seattle and the rest of the Puget Sound region. The site will also benefit greatly from the future opening of the East Link light rail extension, slated to open in 2023.

LIV Bel-Red's community amenities include four rooftop decks with city and mountain views, fire pits with covered seating and televisions, a wine lounge and bistro, outdoor games including a bocce court and life-size chess, a sports lounge with big-screen televisions and arcade games, and a dog wash station with a dog run.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page:http://bit.ly/18P2tkv.

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About JLL

 

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.