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

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.