The Jeuns

Seattle U District Multifamily Sale Facilitated by Northmarq

May 9, 2024 | by The Jeuns

The Seattle Multifamily Investment Sales team at Northmarq, comprised of Taylor Wyman, Casey Zejdlik, and Matt Johnson, recently finalized the sale of Mark Twain Apartments, a 12-unit multifamily property. Northmarq acted as the representative for the seller, MT Apartments LLC, and Valley Professional Center LLC. The property was acquired by Baldwin Sea LLC for .4 million at a 4.35% cap rate.

Wyman expressed, “This transaction exemplifies our dedication to our clients’ success. Despite market fluctuations, we were able to secure a favorable all-cash offer from a local buyer engaged in a 1031 exchange.” The deal allowed the sellers to divest themselves of management obligations at an attractive price, while aligning with the buyer’s existing multifamily holdings in the area.

Situated in the University District, the Mark Twain Apartments feature one-bedroom units and were constructed in 1959. The property’s address is 4714 NE 22nd Avenue, just a short 15-minute walk from the University of Washington. This sale underscores Northmarq’s expertise in navigating complex real estate transactions and delivering optimal outcomes for all parties involved.

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