July 7, 2022

Following $26M land deal, SummerHill and Exxel Pacific ready for 397 Bel-Red units

By BRIAN MILLER
Real Estate Editor

Rendering by Runberg Architecture Group [enlarge]
Construction on the phased project could begin this year, with completion in 2026.
As planned, SummerHill Apartment Communities has acquired the 4-acre site in the Bel-Red area, at 14125 N.E. 20th St., where it’s planning a 397-unit midrise apartment project.

King County recently recorded the $26 million sale. The seller was F-Mac Highland Park I and IV LLC, associated with the Maffeo and Huber families and Murray Franklyn Cos. They have owned the Highland Park Center retail complex for decades.

The buyer of record was SHAC NW Highland Apartments LLC. Brokers were not announced for a deal worth about $149 per square foot for the land. Public records indicate a $15.6 million loan from Wells Fargo.

Runberg Architecture Group designed the two buildings of what’s dubbed SummerHill Highland Park, with six and seven stories. Exxel Pacific is now listed as the contractor. The team also includes Terracon, geotechnical engineer; Core Design, surveyor; and Watershed Co., environmental consultant.

Past tenants at Highland Park Center have included Blue Ginger Korean BBQ, Sizzling Pot King, Bellevue Thai Kitchen, Plato’s Closet and Moe’s. All those buildings from the 1970s and 1980s will be razed.

SummerHill’s site is immediately west of Ross Plaza, also owned by Murray Franklyn and partners; the two retail properties are often confused. It’s also directly north of Highland Park.

SummerHill has said it hopes to begin the east building, Phase I, this year. The Phase II west building would then begin around 2024. Both will take about two years to complete.

Underground parking for both will total 397 stalls. The project is roughly equidistant between Overlake Village Station and Bel-Red/130th Station — meaning a mile walk or bike ride.

Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.