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Mondivan Group Acquires Multifamily Asset In Seattle, WA For $28.5M

Property Image
SOLD
$28,500,000
Sam Wayne
Matt Kemper
+ 1

Washington

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MultiFamily
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Property Image
SOLD

Mondivan Group Acquires Multifamily Asset In Seattle, WA For $28.5M

1300 East Pike Street

See Similar Deals
MultiFamily
Sold
Sam Wayne
Matt Kemper
+ 1
Contact now

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

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.

Players

Tim McKay
16 deals$289.6M volume
BROKER

Dan Chhan
Cushman & Wakefield
16 deals$289.6M volume
BROKER

Sam Wayne
Cushman & Wakefield
9 deals$395.5M volume
BROKER

Matt Kemper
Cushman & Wakefield
16 deals$289.6M volume
BROKER

Details

SOLD
IMAGE: Dan Chhan, Matt Kemper, Sam Wayne & Tim McKay DATE: 09/26/2023 ADDRESS: 1300 East Pike Street MARKET: Seattle, WA ASSET TYPE: Multifamily BUYER: Mondivan Group SELLER: Solis Seattle LLC BROKERS: Dan Chhan, Matt Kemper, Sam Wayne & Tim McKay - Cushman & Wakefield SALE PRICE: $28,500,000 UNITS: 45 ~ PPU: $633,333 NOTE: The "passive house" apartment building in Seattle, known as Solis, was sold for $28.5 million to the Mondivan Group of Vancouver, British Columbia, with the transaction brokered by the Cushman & Wakefield team, led by Managing Director Sam Wayne, along with Tim McKay, Matt Kemper, and Dan Chhan.

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$101,254.49
Cash-on-Cash Return-1.27%
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