Keelbase Capital buys 80-unit Bellevue apartments with family-office equity
The Seattle firm says the prior capital structure was set in a different rate environment; no price was disclosed.
At a glance
Keelbase Capital announced the acquisition of The Baxter, an 80-unit apartment community in downtown Bellevue, Wash., Connect CRE reported.
Keelbase capitalized the deal with private investors and family offices alongside the firm.
Cooper Engst, principal and co-founder at Keelbase Capital, said the prior capital structure was set in a very different interest-rate and valuation environment.
Keelbase Capital announced the acquisition of The Baxter, an 80-unit apartment community in downtown Bellevue, Wash., Connect CRE reported. No price or seller was disclosed.
The five-story building at 11115 NE 2nd St. was built in 1997 and renovated in 2023, near East Link light rail and downtown Bellevue's major employers. Keelbase, based in Seattle, says the purchase fits a strategy of targeting well-located real estate where capital market dislocations have created opportunities.
Keelbase capitalized the deal with private investors and family offices alongside the firm. It is also under contract on several larger multifamily acquisitions with institutional investment partners, according to Connect CRE.
Cooper Engst, principal and co-founder at Keelbase Capital, said the prior capital structure was set in a very different interest-rate and valuation environment. "Our entry point today is more attractive than would have been possible several years ago," he said.
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