Colonial Square

JLL, as an exclusive advisor, is pleased to present the rare opportunity to aquire a proven value-add apartment community in Bellevue, one of the most desirable rental markets in the U.S.

Colonial Square (the “Property”), a garden-style community built between 1967 and 1969 and renovated property-wide from 2011 to 2013, features 153 units with 220 parking spaces and a wealth of community amenities. Only a 5-minute drive from Microsoft’s headquarters, with more than 50,000 employees across its 500-acre campus, the Property is positioned at the doorstep of one of the nation’s most dynamic office markets. With over 2.0M SF of recent office absorption, Bellevue is the second-highest positive net absorption submarket in the country, behind only Hudson Yards. This employer base has driven Bellevue’s emergence as one of the most affluent, fastest growing submarkets on the West Coast, with a median household income of $185k.

Recent renovations in 2023 to 17 units achieve nearly $175 per unit premiums — validating the opportunity for a broader interior renovation program alongside improvements to common areas and amenities. The Property’s low-density zoning preserves green space and a suburban feel, while its location just a five-minute walk from Crossroads Bellevue’s 463,000 SF of retail — and a short drive from the Bellevue Collection — places residents at the center of the submarket’s retail and dining hub. With median home prices in Bellevue at $1.8M, the Property gives renters access to this high-growth submarket at a meaningful discount to homeownership.