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
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