Updated Dec 11, 2025
Local Family Office Acquires 48-Unit Greenlake Terrace Apartments From Open House Westwood For $16.5M
7415 5th Avenue Northeast
$16,500,000
Units
48
Asset Type
MultiFamily
Closing
Dec 11, 2025
About this deal
AI
The asset involved in this transaction is the 48-unit Greenlake Terrace Apartments located at 7415 5th Avenue Northeast, Seattle, WA. The property was sold for $16.5 million, resulting in a price per unit of $343,750. The multifamily building, constructed in 1986, is situated in Seattle's Green Lake neighborhood and is currently undergoing a value-add renovation program.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $16,500,000
- Units: 48
- Price Per Unit: $343,750
- Seller: Open House Westwood
- Broker Representatives: Matt Kemper, Tim McKay, Dan Chhan, Jacob Odegard & Dylan Roeter - Cushman & Wakefield
A local family office acquired the property, with intentions to proceed with the ongoing renovations, enhancing the living experience for current and future residents of the community.
On the Map
$16,500,000
MultiFamily
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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
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93