Virtu Investments Pays $109M for Seattle-Area Asset

Cerasa. Image courtesy of IPA Virtu Investments has bought the 154-unit Cerasa in Bellevue, Wash.,…

Cerasa. Image courtesy of IPA

Virtu Investments has bought the 154-unit Cerasa in Bellevue, Wash., for $109 million. The seller was Evergreen Point Development. Marcus & Millichap’s Institutional Property Advisors division brokered the sale on behalf of the seller and procured the buyer.

Completed in 2018, the community offers studios, live-work and one- and two-bedroom floorplans, ranging from 443 to 1,185 square feet, according to Yardi Matrix data. Each unit features high-end finishes, while select units have private decks, terraces or balconies. Community amenities include a fitness center and clubhouse. A total of 166 parking spaces are also available.

Located at 10961 NE Second Place, the property is close to downtown Bellevue, a dense tech employment hub. Several retail, dining and entertainment options can be found within a 1-mile radius. Amazon Everest (SEA82) is less than half a mile northwest, while Bellevue Downtown Park is 1 mile west. Downtown Seattle is some 11 miles west.

Philip Assouad, executive director, along with Giovanni Napoli, senior managing director, formed the IPA team that brokered the sale. The transaction marked the brokerage’s second deal in four months, in downtown Bellevue, working with the buyer.

Active in other western markets as well, Virtu Investments bought the $151.3 million Reve Boulder in Boulder, Colo., last spring. The mixed-use property has 242 units, as well as 17,500 square feet of retail space.

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