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1501 Northwest 56th Street

Carmel Partners Acquires Urbana Apartments In Seattle From Equity Residential For $121 Million
SOLDMultiFamily

Carmel Partners Acquires Urbana Apartments In Seattle From Equity Residential For $121 Million

1501 Northwest 56th Street

$121,000,000

Building Size

Asset Type

MultiFamily

Closing

May 19, 2025

AI

The asset involved in this transaction is a multifamily property located at 1501 Northwest 56th Street in Seattle, WA. The property comprises 289 units and was sold for a total price of $121 million, resulting in a price per unit of $418,685. The transaction took place in Seattle's Ballard neighborhood.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $121,000,000
  • Buyer: Carmel Partners
  • Seller: Equity Residential
  • Units: 289
  • Price Per Unit: $418,685
  • Loan Amount: $80.3 million

Equity Residential completed the sale of its Urbana Apartments, with Carmel Partners as the buyer. The transaction was supported by a Fannie Mae loan secured by Carmel Partners, emphasizing the financial structuring of this multifamily investment.

Players

Carmel Partners
Carmel PartnersBuyer
Equity Residential
Equity ResidentialSeller

Seattle MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93