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Keelbase Capital Acquires The Baxter Apartments in Downtown Bellevue, Wash

Negotiated deed-in-lieu structure highlights Seattle investment firm's ability to partner with lenders on complex real estate transactions

Keelbase Capital, a Seattle-based real estate investment firm, today announced the acquisition of The Baxter, an 80-unit apartment community in downtown Bellevue. The acquisition reflects Keelbase's strategy of targeting fundamentally strong, well-located real estate where capital market dislocations have created attractive investment opportunities.

The Baxter acquisition comes as Keelbase enters an active period of multifamily investment across the region. The transaction was capitalized with a group of prominent private investors and family offices that invested alongside Keelbase, while the firm is also under contract on several larger multifamily acquisitions with institutional investment partners.

"This is precisely the type of opportunity we envisioned for Keelbase," said Cooper Engst, principal and co-founder at Keelbase Capital. "The Baxter is fundamentally high-performing real estate in one of the strongest employment centers in the region. The prior capital structure was put in place in a very different interest-rate and valuation environment, and our entry point today is more attractive than would have been possible several years ago. We're beginning to see more situations like this emerge across the market."

Located at 11115 NE 2nd St., The Baxter is a five-story apartment community built in 1997 and renovated in 2023, within walking distance of East Link light rail and downtown Bellevue's major employers. Bellevue's expanding technology and AI employment base continues to drive rental demand, with the CBD posting 5.8% year-over-year apartment rent growth as of the second quarter of 2026, according to CoStar.

With approximately 80% of The Baxter's residences already renovated, Keelbase will focus on completing improvements to the remaining units, enhancing common areas, and implementing hands-on asset management and operational improvements to strengthen the resident experience.

"The confluence of elevated interest rates driving down asset values and public equity markets reaching record highs has led private capital to seek more exposure to alternative investments," said Paul Roeter, principal and co-founder at Keelbase Capital. "We are grateful to our investors for partnering with us on this successful acquisition."

Keelbase began evaluating The Baxter more than a year ago through ongoing conversations and a longstanding relationship with the property's lender. The firm remained engaged as market conditions and circumstances surrounding the property evolved, ultimately partnering with the lender on a transaction in which Keelbase acquired the existing loan and then completed a deed-in-lieu to take ownership of the property. Dylan Simon, Jerrid Anderson, and JD Fuller of Kidder Mathews acted as exclusive advisor to the lender/seller.

"Our longstanding lender relationships are an important part of how we identify opportunities," said Engst. "Baxter is a good example of that. We worked closely with the existing lender over an extended period to find a solution that worked for the parties involved and ultimately allowed us to acquire this high-quality asset."

Roeter added, "There are a lot of lenders working through similar situations today, and our experience and flexibility allow us to be a constructive partner."

For more information on Keelbase Capital, please visit keelbase.com.

About Keelbase Capital

Keelbase Capital LLC is a Seattle-based real estate investment firm focused on private credit and value-add acquisitions. The firm was founded by industry veterans Cooper Engst and Paul Roeter, who together bring nearly 40 years of combined experience spanning capital markets, acquisitions, asset management, construction, and development. Through a focused regional lens and institutional discipline, Keelbase Capital provides creative capital solutions for property owners, and acquires quality assets with upside, generating strong risk-adjusted returns for its investors. Learn more at keelbase.com.

Disclaimer: This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only through definitive offering documents and in accordance with applicable securities laws. This press release may contain forward-looking statements, and actual results may vary materially from those projected by Keelbase Capital LLC or third parties. Statements made herein are expectations as of the date of this press release and should not be relied upon as of any subsequent date.

Media Contact

Richard Kendall, Keelbase Capital, 1 6193462084, [email protected], https://www.keelbase.com/

SOURCE Keelbase Capital

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