Newmark Arranges Sale of Transit-Oriented Multifamily Development Site in Washington’s BelRed Corridor

August 9, 2022 9:00 AM

Newmark announces it has completed the $26.05 million sale of 1723 127th Avenue NE, a 4.11-acre, transit-oriented development site located in the heart of the BelRed Corridor in Bellevue, Washington. The property traded from Umbrella Development, LLC to Pulte Homes of Washington, Inc. Newmark Co-Head of U.S. Capital MarketsKevin Shannon and Executive Managing Directors Ken White and Tim O'Keefe represented the seller in the transaction.

The parcel comprises 179,215 square feet of land, approximately 4.11 acres, improved with surface and underground utility access. The property is zoned BR-R ("Bel-Red Residential"), allowing new ownership the option to execute a development plan for residential multifamily.

"The Seattle area's strong population growth and favorable renter demographics provide the ideal conditions for multifamily development," said Shannon. "We look forward to seeing the new ownership's development unfold."

Located in the BelRed Corridor and only a few blocks from the Spring District Master Planned Development, the site offers excellent proximity to near-future retail and transportation amenities. The site is only minutes from Bellevue CBD - one of the premier urban office, retail and residential markets in the Western United States. The location provides immediate access to Highway 520 and is situated between two future light rail stations.

"With a location only minutes from downtown Bellevue and just one block from future light rail transit, this site offers a prime townhouse development opportunity," said O'Keefe. "As the nearby Spring District and light rail stations complete construction, the highly amenitized and transit-oriented site will be prime for townhouse development."

The Puget Sound region possesses a critical mass of well-capitalized and innovative companies that are global leaders in industries such as aerospace, biotechnology, global health, research, retail, software, technology and wireless services. Leading companies and organizations that draw upon the area's highly educated and productive workforce include companies such as Amazon, Microsoft, Facebook, Google, The Boeing Company, Expedia, F5 Networks, Nordstrom, Costco Wholesale, Concur Technologies, REI, Starbucks, Nintendo USA, Esterline Technologies, T-Mobile USA and PACCAR. The region is one of the most dynamic real estate investment markets in the country, benefiting from a combination of topographical constraints on supply, and employment growth that consistently ranks above the national average. Favorable renter demographics, positive job numbers, strong population projections and a low unemployment rate also position the region as a strategic market for investment gains.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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