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Local Family Office Acquires 48-Unit Greenlake Terrace Apartments From Open House Westwood For $16.5M

Property Image
SOLD
$16,500,000
Tim McKay
Matt Kemper
Dan Chhan
+ 2

Washington

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MultiFamily
Sold
the dealplayerscompscontact
Property Image
SOLD

Local Family Office Acquires 48-Unit Greenlake Terrace Apartments From Open House Westwood For $16.5M

7415 5th Avenue Northeast

See Similar Deals
MultiFamily
Sold
Tim McKay
Matt Kemper
Dan Chhan
+ 2
the dealplayerscompscontact
Contact now

Summary

WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale

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:

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.

Players

Tim McKay
Cushman & Wakefield
Tim McKay
16 deals$289.6M volume
BROKER
Dan Chhan
Cushman & Wakefield
Dan Chhan
16 deals$289.6M volume
BROKER
Matt Kemper
Cushman & Wakefield
Matt Kemper
16 deals$289.6M volume
BROKER
Jacob Odegard
Cushman & Wakefield
Jacob Odegard
9 deals$176.4M volume(253) 486-6725
BROKER
Dylan Roeter
Cushman & Wakefield
Dylan Roeter
8 deals$171.9M volume(425) 445-0071
BROKER

Details

SOLD
IMAGE: 12/11/2025 ADDRESS: 7415 5th Avenue Northeast MARKET: Seattle, WA ASSET TYPE: MultiFamily SELLER: Open House Westwood BROKERS: Matt Kemper, Tim McKay, Dan Chhan, Jacob Odegard & Dylan Roeter - Cushman & Wakefield SALE PRICE: $16,500,000 UNITS: 48 ~ PPU: $343,750 NOTE: A local family office acquired the 48-unit Greenlake Terrace Apartments in Seattle's Green Lake neighborhood from Open House Westwood for $16.5 million. The buyer plans to continue the ongoing value-add renovation program for the community, which was built in 1986.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$880,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$58,621.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,218.42
Annual Debt Service$938,621.01