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Kidder Mathews' Simon And Anderson Team Sell Northgate Apartments In Seattle For $19M
SOLD
$19,000,000
Washington
See Similar DealsMultiFamily
Sold 09/28/2023
SOLD
Kidder Mathews' Simon And Anderson Team Sell Northgate Apartments In Seattle For $19M
11501 15th Avenue Northeast
See Similar DealsMultiFamily
Sold 09/28/2023
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale
Northgate Apartments, a former 121-unit senior living facility located at 11501 15th Avenue Northeast in Seattle, WA, has been sold for $19 million. The property was listed and sold in a fully marketed sale by Dylan Simon, JD Fuller, and Matt Laird of Kidder Mathews, representing an institutional owner. The sale price equates to a per unit price of $157,025.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $19,000,000
- Units: 121
- Price Per Unit (PPU): $157,025
- Brokers: Dylan Simon, JD Fuller & Matt Laird - Kidder Mathews
The sale of Northgate Apartments was facilitated by Dylan Simon, JD Fuller, and Matt Laird of Kidder Mathews. The property, previously a senior living facility, attracted the attention of institutional buyers in the market. The transaction was conducted in a competitive market environment, with the Simon and Anderson team successfully representing the seller throughout the process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,013,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32
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