6
New MF signals this week
1 flash · 3 priority · 2 monitor
$33.1M
Institutional basis in DD watch
Four ZVLs in five days, downtown Bellevue
5 / 5
Entities pierced to people
Verified at WA SOS, Aug 27–31
8
MF parcels under code enforcement
The owner-fatigue list, named below
▲ FlashInstitutional MF
The Baxter site — 11115 NE 2nd St, Bellevue
Vacant development parcel · DT-MU · 0.20 ac
Four zoning-verification-letter requests filed Aug 13–18. ZVLs are ordered almost exclusively by a lender or buyer in transaction due diligence. Owner paid $33,100,000 on 5/4/2022; county now carries the land at $5.56M.
Owner of record: AGTL 2nd Street Owner LLC c/o Angelo Gordon & Co (TPG AG)
A disposition or recapitalization appears to be in due diligence on a 2022-vintage institutional basis. Watch for a fresh SPV at WA SOS, the pre-closing tell. Whoever knows the buyer first owns this conversation.
● PriorityPrivate-client MF
Village Gardens Apartments — 550 102nd Ave SE, Bellevue
12 units · 1970 walk-up · $3.84M assessed
Owner filed a pre-application conference Aug 3 for a 26-unit townhome community on the site.
Governors of Village Gardens Apartments, LLC: Kristina + Kenneth Dudunakis · principal office Eagle, Idaho (absentee) · pre-app filed by Kyle McAlonan
The entity was formed five weeks before its 2011 purchase, the 2011 seller was DUDES LLC — a name echo suggesting the family's hold runs back to 1997 — and the owners now sit two states away. A long-hold absentee family filing a 26-unit entitlement is the profile that sells entitled rather than builds. Every neighboring small-MF owner on 102nd just got repriced and doesn't know it.
● PriorityPrivate-client MF
198 106th Ave SE, Bellevue
Apartment parcel · individual owner · Surrey Downs edge
Predevelopment filing Jul 14: "construct 8 single family townhouses (demolish existing apartment)."
Owner of record: Ledoven B. Mantilla (individual) · filing by Leo Suver
Explicit teardown intent by a private owner, named. Pre-entitlement is the earliest possible moment for a sell-vs-build conversation.
● PriorityPrivate-client MF
2320 103rd Ave NE, Bellevue
4-plex parcel · owner Beryl Group LLC
Predevelopment services filing Jul 31: 8 townhome-style units across this and the adjacent parcel.
Governors of Beryl Group LLC (Bellevue, formed 2014): Sunny Chen + David Lo + David Shyh-Bor Wey · filing by David Vincent
A two-parcel assemblage in entitlement.
◆ MonitorInstitutional MF
1051 108th Ave NE, Bellevue (SRMMFI LP)
ZVL ordered Aug 12; parcel traded Apr 15 (Diamond Parking side). Same requester filed the Baxter-site ZVLs the following week.
Likely closing/refi tail on the spring trade. Confirms the ZVL tell works, and one diligence shop is working multiple Eastside parcels right now.
◆ MonitorPrivate-client MF
Enforcement-action cluster — 8 apartment parcels since Jul 7
Easton Court Owner LLC (13831 NE 8th), 11210 LLC (11153 NE 11th), Redmond Park LLC (two actions), View Bay LLC (Meydenbauer Way), CPE LLC, JMS Acquisition LLC, Bellevue Park Apartments, Summerfield Rehab LLLP.
Code-enforcement pressure on multifamily = deferred maintenance = the owner-fatigue list. Worth a drive-by before any call.
The 90-day backlog a lane holder inherits. These are not this week's catches — they are accumulated pre-decision paperwork, principals pierced and re-verified at WA SOS on Aug 27. Transfers like these run a six-to-twelve-month runway: the recording date starts the clock, it doesn't expire it. No sale listing had surfaced publicly on any of them as of Aug 31 — every window on this list is still open.
Industrial lane · separate desk
The industrial view of this patch runs on its own board
This week the industrial side carried a full Eastgate warehouse reposition moving through permits and two anonymous land-basis acquisitions totaling $23.6M, both at roughly 2x assessed, both pierced to the people behind the entities.
One desk per lane, per asset class. The Eastside industrial desk is claimed separately.
Receipt, for the skeptics
When Cru at Willows traded ($93.85M, deed recorded Jul 1), everything the trade press later attributed to KKR was in the public record first — buyer entity, price, parcel — pierced from the registry alone. The transfers above will never get a story at all.