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November 04, 2010

GVA Kidder Mathews' Brokers Close $30M Downtown Bellevue Apartment Deal

BELLEVUE, WA - Essex Property Trust, the Palo Alto-based apartment REIT, purchased the Courtyard Off Main Apartments in Bellevue for $30 million. Built and sold by local developer Courtyard Off Main, LLC, the community consists of 110 apartment homes with 7,573 square feet of commercial space. Philip Assouad and Giovanni Napoli of GVA Kidder Mathews brokered the transaction.

Constructed in 1999, Courtyard is located in the heart of Bellevue, just blocks from boutiques, fine dining, high end retailers and the CBD. Residents enjoy 990 square foot units with views of the downtown skyline and Meydenbauer Bay.

Although Essex is adding to their already considerable Seattle portfolio of 6,500+ units, Courtyard is their first acquisition in downtown Bellevue.

GVA Kidder Mathews is one of the largest, independent commercial real estate firms on the West Coast, with over 400 real estate professionals and staff in 9 offices in Washington, Oregon, and California. The firm provides a full array of brokerage, appraisal, property management, consulting, sustainability practices, forestland services, and construction and development management services. They performed $6 billion in transactions over the last 3 years, manage over 22 million square feet of space, and conduct 1,000 appraisals annually. For more information, go to: www.gvakm.com

For inquiries, please contact Karen Benoit at 206.296.9600 or email: kbenoit@kiddermathews.com

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