(SEATTLE) – Hines, the international real estate firm, today announced that along with a subsidiary of funds managed by Oaktree Capital Management, L.P. (“Oaktree”), it has acquired Main Street Flats, a luxury multifamily complex in Bellevue, Washington.
Main Street Flats consists of 425-units featuring a mix of studio, one-bedroom and two-bedroom apartments. Residents also enjoy access to a rooftop terrace with spectacular city views, a state-of-the-art fitness center and a resident lounge. The ground floor features 12,000 square feet of retail space.
“The Eastside office market, including downtown Bellevue, is experiencing unprecedented growth from many of the world’s largest technology tenants, and this influx of new jobs is driving residential demand in premium locations such as Bellevue,” said John Coombs, director at Hines. “We have long held a strong conviction for the Bellevue submarket and believe our timing, with all of the momentum on the Eastside, couldn’t be better.”
Bellevue is currently one of the most active submarkets in the Seattle area. Main Street Flats is centrally located with immediate access to employers, transportation, amenities and top-rated schools, offering its residents the highest quality living experience.
“We continue to seek high quality assets in strategic markets with strong fundamentals that have the potential to provide outsize rental growth for our income focused core plus strategy,” said Mark Jacobs, managing director and co-portfolio manager with Oaktree. “We believe Main Streets Flats is well positioned to benefit from the growing job base in Bellevue and the surrounding markets.”
Just last month, Hines announced Main Street Place, a 6.75-acre, mixed-use development in downtown Bellevue. It will sit less than one block away from a future light rail station, scheduled to open in 2023, which will connect this site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond giving residents immediate access to employers, transportation, amenities and top-rated schools.
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $153 billion in assets under management as of March 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
