Updated Dec 4, 2024
Sharon Lee's Low Income Housing Institute Acquires Multifamily Property In Seattle For $17.1M
5228 15th Avenue Northeast
$17,100,000
Units
58
Asset Type
MultiFamily
Closing
Jan 25, 2024
About this deal
AI
The Low Income Housing Institute (LIHI) has acquired Jean Darsie Place, a recently constructed 58-unit affordable multifamily housing community in Seattle's University District. The property, located at 5228 15th Avenue Northeast, was sold by Isola Homes for a total of $17.1 million.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $17,100,000
- Buyer: Sharon Lee - Low Income Housing Institute
- Seller: Isola Homes
- Date: 01/25/2024
- Market: Seattle, WA
The buyer, Sharon Lee, representing the Low Income Housing Institute, successfully completed the acquisition of Jean Darsie Place. Isola Homes acted as the seller in the transaction, which took place on January 25, 2024. Through this deal, LIHI expands its portfolio with an affordable multifamily housing community in Seattle's University District.
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
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93