Northmarq arranges $9.05M sale of 37-unit multifamily community in Seattle

SEATTLE (May 20, 2024) — Northmarq’s Seattle Multifamily Investment Sales team of Casey Zejdlik, Matt Johnston and Taylor Wyman has brokered the sale of the Brooklyn Avenue Apartments for $9.05 million. The 37-unit multifamily property was built in 2016 and is located at 5216 Brooklyn Ave. NE in Seattle.

Northmarq represented the buyer, IFO & Associates LLC, a Seattle- based private investor who was looking to place funds from a 1033 exchange. The seller was J-Pan Investment LLC, a China-based private investor looking to exit the Seattle market.

“Our team set out to assist a family, referred from a repeat client, in placing equity they were looking to invest in a multifamily property. The client had related industry experience but had never owned or operated a multifamily asset previously. Our team educated the client and worked to listen to and understand their objectives,” said Johnston.

“Ultimately, their desire for a modern-construction, core-located asset led us to the Brooklyn Apartments. Our team structured a creative seller-financing solution with the seller to overcome a nearly 50% trailing vacancy rate. The buyer worked with our team to create a business plan to stabilize the asset and maximize NOI during the seller-financing period.”

Located in the University District, Brooklyn Avenue Apartments offers studio and one-bedroom apartment homes with in-unit laundry and full kitchen appliance packages. The multifamily property is walkable to the University District Light Rail Station and less than a five-minute drive from the University of Washington campus. The University of Washington is growing rapidly, and the University District is benefitting from recently opened light-rail stations and an influx of new development.