4/17/2008

Carmel Partners pays $24M for 101 units in Washington

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Somerset Green Townhomes

San Francisco, Calif.-based Carmel Partners, Inc. has purchased the Somerset Green Townhomes in Bellevue, Wash., for $24 million from Seattle-based Somerset Green Townhomes Associates, LLC.

Kenny Dudunakis of Hendricks & Partners' Seattle office brokered the deal.

The Green Townhomes contain 101 units and are located at 4000-4261 129th Place SE. Carmel Partners, which currently owns and manages a portfolio of 18,000 units, bought the property for $237,624 per unit.

Dudunakis recently brokered the $28.75 million sale of the Highcroft I and Highcroft II Apartments in Bellevue. The buyer in the transaction was Security Properties, Inc., which recently acquired a three multi-family portfolio in the Greater Seattle area for $57.5 million.

Address: 4000-4261 129th Place SE, Bellevue, Wash.

Size: 101 units

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Filed Under: Multi-Family

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