|By PR Newswire||
|October 15, 2013 07:29 PM EDT||
SEATTLE, Oct. 15, 2013 /PRNewswire/ -- Schnitzer West announced today the sale of The Bravern Signature Residences in Bellevue, Wash. The ultra-luxury apartment community is the residential component of The Bravern, a premier mixed-used project developed by Schnitzer West in the mega block at the corner of Northeast Eighth Street and 112th Avenue Northeast in the Bellevue CBD. Schnitzer West will continue to manage The Shops at The Bravern and The Bravern Office Commons. Riverstone Residential Group will continue to operate The Bravern Signature Residences.
Schnitzer West marketed the multi-family residential property for sale earlier this year to capitalize on the increasing demand for best-in-class, luxury real estate in Bellevue and across the broader U.S. West Coast. Opened in 2010, The Bravern Residences consists of two 33-story residential towers totaling 455 units connected by a private 25,000-square-foot amenities plaza. Appointed with craftsman-quality finishes, the Residences are positioned to satisfy the needs of discerning residents seeking a highly sophisticated apartment community with the amenities of a luxury hotel.
The Residences are the final component of The Bravern to be sold. In September of 2010, Principal Real Estate investors acquired The Bravern Office Commons, consisting of 750,000 square feet in two towers, fully leased to Microsoft. In March 2012, The Shops at The Bravern, a high-fashion open-air shopping environment anchored by the Northwest's only Neiman Marcus store, and home to Hermès, Louis Vuitton and Ferragamo, was sold to the Ashkenazy Acquisition Corporation, which owns iconic landmarks such as Faneuil Hall in Boston, Union Station in Washington, D.C., and distinctive buildings housing venerable retailers Barneys New York in Beverly Hills and Prada at 25 and 30 E. Oak St. in Chicago.
Originally developed as luxury condominiums, The Bravern Signature Residences were strategically repositioned as a luxury apartment community in 2010 when residential ownership demand shifted to renter demand. The conversion to luxury apartments allowed The Residences to successfully capture the growing residential demand and create a stabilized community, with market-leading rents, high occupancy and low turnover. The property has achieved and consistently maintained 94 percent occupancy and is commanding a 15 percent rental-rate premium to the downtown Bellevue apartment market.
"This was the ideal time to transition the asset," said Greg MacDiarmid, regional operating partner and chief investment officer of Schnitzer West. "Downtown Bellevue is undergoing a major revitalization through significant investment in upscale apartment homes, hotels and commercial office space, designed to attract families and professionals seeking Bellevue's emerging urban life style. While there are nearly 800 workforce housing apartment units currently under construction, there is a scarcity of best-in-class, luxury apartment community properties. The Bravern Residences are positioned superior to market, given the consistent stabilized residency and unparalleled lifestyle experience. The Signature Residences will remain the premier address, not only in Bellevue but in the broader Puget Sound Region, and will continue to command top-of-the-market rents."
Nationally, the Puget Sound region is viewed as a core market for investment due to the underlying economic conditions and projected growth in the region.
"Vibrant and distinct neighborhoods are important to Bellevue," said Chris Salomone, director of planning and community development for the City of Bellevue. "Over the past decade we've seen Bellevue's downtown population grow as more people are choosing to not only work in downtown, but to also live here. Thanks to the support of residential communities like The Residences at The Bravern, this new and thriving neighborhood is anticipated to nearly double in population over the next 20 years."
About Schnitzer West LLC
Schnitzer West LLC is one of the West Coast's fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff and Schnitzer Investment Corp (now MMGL Corp) and led by a core team of regional operating partners, the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to "Outperform the Expected," Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to property management. To date, the company has developed or acquired and repositioned 8 million square feet of commercial real estate in the Seattle, Portland and Denver markets, including Class-A and suburban office; flex, industrial, bio-tech space; upscale retail space and luxury multifamily. In addition, Schnitzer West brings its unique investment focus to asset and property management, with more than 4.5 million square feet in the Seattle and Denver markets under management. Learn more at www.schnitzerwest.com.
About The Bravern
The Bravern is a vibrant, pedestrian-friendly outdoor village at the gateway to downtown Bellevue, Wash. Completed in 2009 by Schnitzer West, LLC, the mixed-use development encompasses The Shops at The Bravern, with fashion retail, lifestyle services and premier restaurants anchored by Neiman Marcus; The Bravern Signature Residences in two elegant towers; The Bravern Office Commons featuring two towers fully leased to Microsoft; and abundant parking. For more information, call (425) 456-8780 or visit the web site at www.thebravern.com. You will also find The Shops at The Bravern on Facebook and may follow on Twitter @bravern.
SOURCE Schnitzer West LLC