SEATTLE, WASHINGTON (May 26, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle office, arranged financing to support the acquisition and upgrading of the 2nd Street Apartments, an 80-unit multi-family property located in Bellevue’s CBD. Angelo Gordon and Timberlane Partners recently acquired the property through a joint venture.
The 2nd Street Apartments complex benefits from its proximity to employers such as Amazon, Microsoft, Facebook, Expedia, and Snapchat, all of which have offices nearby. The property will be just one block away from the East Main light rail station and three blocks from the Bellevue Downtown light rail station, both of which are scheduled to open in 2023.
The 2nd Street Apartments were built in 1997 and modestly renovated in 2006. Angelo Gordon and Timberlane Partners plan to use part of the loan proceeds to fully renovate the unit interiors as well as update the building exteriors and common areas.