SEATTLE, WA - CBRE arranged the $192,850,000 sale of Soma Towers, a 273-unit multifamily community. Su Development sold the asset to The Sobrato Organization. CBRE’s Eli Hanacek, Kyle Yamamoto and Mark Washington represented the seller.
“Our valued client had a tight timing window to make this deal happen, we’re thrilled we could execute for them, going from launch to non-refundable within 60 days. The property garnered significant interest from buyers because of the exceptional quality of the asset, strength of the market and long-term fundamentals,” said Hanacek.
While Sobrato owns other multifamily assets in the Puget Sound region, this acquisition marks its first entry into the Bellevue submarket.
“For nearly 70 years, The Sobrato Organization has been developing commercial real estate for high-growth companies, building multi-family communities, investing in entrepreneurial enterprises and giving back to the communities in which we live and conduct business. Soma Towers is directly aligned with our objective of making a positive impact by providing a high-quality living experience and a place that engages the broader community through its retail lifestyle offerings,” said Chad Froman, Sobrato Co-Chief Real Estate Officer.
Located at 288 106th Ave NE in Bellevue, Soma Towers has two towers with 273 units with floor plans including studio, one- and two-bedrooms, as well as two- and four-bedroom penthouse suites. The towers also have 29,964 sq. ft. of commercial space across two floors that is 90% leased to world-class restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room.
Soma Towers is at the heart of Downtown Bellevue and is just blocks to the city’s largest retail centers, top-tier restaurants, parks, light rail station and major Eastside employers in technology, social media, gaming and artificial intelligence.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com