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Mondivan Group Acquires Multifamily Asset In Seattle, WA For $28.5M
SOLD
Washington
See Similar DealsMultiFamily
Sold
SOLD
Mondivan Group Acquires Multifamily Asset In Seattle, WA For $28.5M
1300 East Pike Street
See Similar DealsMultiFamily
Sold
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale
The "passive house" apartment building in Seattle, known as Solis, has been sold for $28.5 million. The property is located at 1300 East Pike Street in Seattle, Washington. This multifamily asset consists of 45 units, with an average price per unit (PPU) of $633,333.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,500,000
- Address: 1300 East Pike Street, Seattle, WA
- Market: Seattle, WA
- Buyer: Mondivan Group
- Seller: Solis Seattle LLC
- Brokers: Dan Chhan, Matt Kemper, Sam Wayne & Tim McKay - Cushman & Wakefield
- Units: 45
- Price per Unit (PPU): $633,333
The transaction was facilitated by the Cushman & Wakefield team, led by Managing Director Sam Wayne, along with Tim McKay, Matt Kemper, and Dan Chhan. The buyer, Mondivan Group, is based in Vancouver, British Columbia.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,519,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$101,254.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$135,104.54
Annual Debt Service$1,621,254.48
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