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Bravern Residences sold by Schnitzer West
The Bravern Signature Residences in Bellevue have sold after years of solicitations that Schnitzer West managing investment partner Dan Ivanoff says started shortly after the two 33-story residential towers opened as apartments in 2010.
"We went to market in June and we picked a buyer in … August," said Ivanoff, "and then they went through their due diligence; it takes time to do a purchase and sale (agreement). I'd say that was a pretty quick time period. We had so many people coming at us unsolicited that we said, 'All right, if we get the kind of numbers that turn our heads, we'd go ahead and do it.' "
The 455-unit project was sold to Bravern Residences North and South LLC, which Ivanoff said he could only speculate was named as such in order to keep the towers separate should one be sold in the future. He said proceeds from the sale, which he is prohibited from disclosing due to a confidentiality agreement, will be applied toward developing other properties in the Seattle area.
"It's a pretty exclusive kind of deal," Ivanoff said of the sale. "It does get the highest rents in the market, and I think they'll continue to realize that as an owner."
The Bravern Residences were developed as Best-in-Class condos, and are positioned above The Shops at The Bravern, a high-end retail center Schnitzer West sold last year. The Bravern Office Commons, which are fully-leased by Microsoft, sold in 2010.
With The Shops at The Bravern offering retailers not found elsewhere, such as the only Neiman Marcus in the region. Ivanoff said creating another complex like The Bravern is not possible, which made it so appealing to investors.
"You can't just go recreate a Bravern down the street," he said.
Despite the high cost to lease an apartment at the Bravern Residences, occupancy has been consistently around 94 percent, which Ivanoff also attributes to its various amenities. That includes a private 25,000-square-foot plaza, a dog walk, a spa, fitness center, two Great Rooms, a theater and terrace garden.
"It's expensive. It's not a cheap property to lease," said Ivanoff. "… If we lose people, we're losing people that are buying a house that want to pay the same amount as their occupancy cost for rent, but get more square footage in a suburb."