Northmarq’s Seattle office completes $5.9 million sale of multifamily property in Port Townsend, WA
SEATTLE (May 14, 2024) — Northmarq’s Seattle Multifamily Investment Sales team of Tyler Smith, Steve Fischer, Joe Kinkopf, Brendan Greenheck, Casey Zejdlik, Matt Johnston and Taylor Wyman has brokered the sale and 1031 exchange of Salish Gardens, a 24-unit apartment community located at 142 Arcadia Terrace in Port Townsend, Wash. Built in 1997, the multifamily property is situated on approximately 5 acres and features 12 duplex-style buildings.
Northmarq represented the seller, Salish Gardens LLC. The buyer, G&C Frost Co. Inc., acquired the property for $5.9 million.
“The buyer of Salish Gardens was in a 1031 exchange after selling a long held commercial property in Southern California,” said Greenheck. “As a resident of Washington, they were looking to acquire a stabilized multifamily property that could be owned and operated closer to home.”
The low-rise multifamily community is renovated and boasts 24 units with partially fenced backyards, cement patios and spacious, private attached garages. Each unit features freshly renovated and spacious interiors, including new kitchen cabinets, quartz countertops, stainless steel appliances, in-unit laundry and more. Situated approximately two hours from Seattle, residents enjoy natural beauty and a quaint getaway. Salish Gardens offers a unique location in the growing Port Townsend area surrounded by beaches, trails, art, culture and plenty of outdoor activities.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
