Sparc Apartments

What Sparc Apartments does

Sparc Apartments is a single-asset, Class A residential rental community located at 1201 121st Avenue NE in the Spring District of Bellevue, Washington. The property is owned and operated by Avenue5 Residential, LLC (Seattle-based) and consists of five distinct residential buildings (A through E) organized around a central courtyard. The unit mix comprises studios (486-529 sq ft), one-bedroom (616-789 sq ft), two-bedroom (1,102-1,177 sq ft), and three-bedroom apartments (up to 1,476 sq ft), alongside townhomes and live/work lofts. Pricing ranges from $2,125 to $3,811 per month on 12 to 14-month lease terms, marketed through a "Clear Price Experience" that bundles rent, utilities, and amenities into a single disclosed monthly figure.

The community is positioned for urban and suburban renters, with explicit targeting of professionals working at the nearby Microsoft Campus and other Eastside employment centers. Amenities include a Skyview Rooftop Deck with mini-putting green, a fitness center, WiFi lounge, event space, pet wash station, and bicycle storage and repair area. Pet policy permits up to two pets with no weight restriction, $45/pet monthly pet rent, a $400 refundable deposit, and a $400 non-refundable fee. The community operates on standard industry property technology provided by RentCafe (Yardi Systems), which powers the property website, online leasing applications, resident portals, and listing syndication.

The revenue model is recurring monthly residential rent as the primary stream, augmented by ancillary fees (parking at $200/month, pet fees, and a furniture-rental referral channel via a partnership with CORT). Rent collection is routed through the Bilt Rewards platform, allowing residents to earn loyalty points on rent. Distribution is direct-to-consumer via a single central leasing office with in-person, video-guided, and self-guided tour options plus online application. The asset received a 2025 Kingsley Excellence Award from Kingsley Associates based on resident satisfaction surveys; no public financial disclosure is available.

Name

Sparc Apartments

Legal name

Avenue5 Residential, LLC

Website

https://sparcapartments.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Sparc Apartments is a five-building Class A residential rental community in Bellevue, WA's Spring District, owned and operated by Avenue5 Residential, LLC, leasing studio through three-bedroom units, townhomes, and live/work lofts to professionals seeking housing near the Microsoft Campus and Eastside employment centers.

Ownership category

akta.pro rank

Product category

Residential Apartment Rentals

NAICS

Rental and Leasing Services (532)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Furnished Monthly Apartments (Urban/Residential) (THAMAFAB)

Keywords

• Residential apartment rentals
• Multi-family housing
• Luxury apartment living
• Pet-friendly apartments
• Live/work loft rentals

Headquarters

HQ city

Bellevue

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Monthly Residential Rent: Revenue generated from monthly rental payments for apartment units. The Clear Price Experience model bundles rent with utilities into a single monthly price. Lease terms range from 12 to 14 months. Additional revenue from parking fees ($200/month), pet fees (pet rent $45/pet, pet deposit $400, one-time pet fee $400), and potential furniture rental partnership with CORT.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Sparc Apartments is a residential rental community in Bellevue, WA offering studio, one-, two-, and three-bedroom apartments, townhomes, and live/work lofts across five buildings with a central courtyard. Units range from 486 to 1,476 square feet and are leased on 12- to 14-month terms with bundled rent-plus-utilities pricing. The community provides modern in-unit finishes, resort-style amenities, and online leasing through RentCafe.

Product overview

Sparc Apartments offers a multi-building residential community in Bellevue, WA consisting of five distinct buildings organized around a central courtyard. The product portfolio includes Studio, One-Bedroom, Two-Bedroom, and Three-Bedroom apartments, along with townhomes and live/work lofts, ranging from 486-1,476 square feet. The community provides apartment amenities including quartz countertops, Whirlpool appliances, vinyl-plank flooring, and floor-to-ceiling windows. Additional offerings include the Clear Price Experience for transparent pricing, furnished apartment options via CORT partnership, and virtual tour capabilities. Residents access all five buildings and shared amenities including a rooftop deck, fitness center, WiFi lounge, and pet-washing station.

Differentiator

Problem solved

Functional benefit

Products and services

• Studio Apartments Studio apartment units ranging from 486 to 529 square feet, available in Buildings A, E, B, and D with modern finishes including quartz countertops, vinyl-plank flooring, and stainless Whirlpool appliances. Marketed at $2,125 to $2,389 per month with 12 or 14-month lease terms.
• One-Bedroom Apartments One-bedroom apartment units ranging from 616 to 789 square feet, offered across multiple buildings with various layouts including open designs and traditional floor plans. Priced from $2,288 to $3,025 per month.
• Two-Bedroom Apartments Two-bedroom, two-bathroom apartments ranging from 1,102 to 1,177 square feet, available in Buildings A, B, and D with full-sized washer/dryer and floor-to-ceiling windows in select units. Priced from $3,231 to $3,811 per month on 12-month lease terms.
• Three-Bedroom Apartments Three-bedroom apartment units ranging up to 1,476 square feet, offered as part of the diverse floor plan portfolio.
• Townhomes Innovative townhome units available as part of the diverse floor plan offerings at the community, providing a non-traditional apartment living option.
• Live/Work Lofts Innovative live/work loft units spanning 1,380 square feet, designed for residents who want to combine living and working space in one unit. Priced from $3,231 to $3,668 per month on 14-month lease terms.

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

Four partnerships are on record, tiered primary, core and minor.

• Avenue5 Residential, LLCprimaryStrategic or Co-development PartnerProperty ownership and management company. Avenue5 Residential owns and operates the Sparc Apartments property. The company is headquartered at 901 5th Avenue, Suite 3000, Seattle, Washington 98164. Contact: [email protected].
• RentCafe (Yardi Systems, Inc.)coreTechnology or IntegrationProperty website and property management technology platform providing online leasing applications, resident services, rent payment processing, and listing syndication.
• CORTminorGTM or Marketing PartnerPreferred furniture rental provider for furnished apartment homes. Offers furniture and housewares rental with dedicated CORT representatives available to help residents furnish their new homes. Contact: 855-409-0445.
• Bilt RewardsminorGTM or Marketing PartnerRewards program integrated with rent payments, allowing residents to earn rewards points on rent payments that can be redeemed for various benefits and partner offers.

Scale indicators3 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• Avenue5 Residential: National residential property management company and Sparc's parent/operator. Comparable as the operating platform behind Sparc and as a peer owner/manager of similarly positioned class-A multifamily communities across the West Coast.
• Greystar Real Estate Partners: Largest U.S. apartment property management and investment company, operating and managing thousands of multifamily units across diverse markets. Comparable to Sparc indirectly via the Avenue5 third-party operator model, though Greystar is far broader in scale and geographic scope.

Direct peers

• AvalonBay Communities: Large-cap multifamily REIT focused on developing, acquiring, and operating high-quality apartment communities in supply-constrained, high-employment U.S. markets. Directly comparable to Sparc in business model and target renter demographics, particularly its Seattle-area and urban tech-hub portfolio.
• Equity Residential: Multifamily REIT focused on urban and high-density suburban apartment properties in gateway markets. Comparable to Sparc in product type (class-A new construction), pricing model, and tenant base centered on professional renters in major employment hubs.
• AMLI Residential: Owner-operator of high-end Class-A multifamily communities on the West Coast, including multiple properties in the Seattle/Bellevue metro. Comparable to Sparc in property positioning, LEED/amenity focus, and target renter demographics in major tech employment clusters.
• Essex Property Trust: West Coast multifamily REIT with a major concentration in the Seattle and Bellevue markets. Directly comparable to Sparc given overlapping submarket exposure, similar amenitized urban-suburban product, and focus on tech-employed residents along the Puget Sound corridor.
• Cortland Partners: Vertically integrated multifamily developer, owner, and operator focused on luxury apartment living in major U.S. metros. Comparable to Sparc in product positioning, amenity offering, and target resident demographic of urban/suburban professionals.
• Mid-America Apartment Communities: Multifamily REIT focused on Class-A apartment communities in the Sun Belt and select high-growth markets. Comparable to Sparc in operating model, amenitized product, and structured resident engagement, though with different geographic focus.
• UDR, Inc. Diversified multifamily REIT operating class-A communities across major U.S. markets, including West Coast urban and suburban tech corridors. Comparable to Sparc in product quality, pricing model, and target resident profile.
• Camden Property Trust: Multifamily REIT focused on Class-A apartment communities in high-growth U.S. markets. Comparable to Sparc in operating model, amenitized product, and direct-to-consumer leasing approach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sparc-apartments

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sparc Apartments