BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million.
The buyer plans to convert the property into a 108-unit apartment community. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St.
Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the undisclosed seller in the deal.
“All units currently have a bathroom and either a full kitchen or kitchenette,” says Chhan. “The buildings are also wood-framed and surface parked, making it viable to move walls, plumbing drain and/or supply lines, and generally configure the finishes in a manner more suitable for multifamily housing.”
“The property also recently underwent a multi-million-dollar capital renovation, including cosmetic upgrades throughout both the common areas and units, and functional improvements to areas such as window replacement, roof replacement and HVAC upgrades,” continues Chhan. “Additionally, the substantial common areas, central activity, and dining rooms can be reconfigured to common kitchens or additional apartments units, amenity spaces or demolished altogether to create more surface parking.”The property is located adjacent to Crossroads Bellevue Shopping Center, a major grocery-anchored destination retail center including a Dick’s Sporting Goods, Regal Cinema, plus myriad dining and retail options. Additionally, the Link Light Rail System is currently under construction and is scheduled to deliver two stations in 2024 that are located within one mile of the property.