Case Study – Maple Leaf Mixed-Use
Key Deal Points
- 8320 5th Ave NE, Seattle
- 8-Unit Mixed Use, 2 retail/office spaces and 6 residential units
- Sale Price $2.48M
- 90 days from list to close in a changing market
- Represented Seller
Thank you for your outstanding work on selling 8320 5thAve NE! A change in market conditions, increase in prevailing interest rates, updating the sales price and closing prorations due to discoveries, and the topper… getting actual access into all the building units, did not deter you from the closing path. Excellent persistence!
- E L, Client
For more information regarding this case study, please contact:
Candice Chevaillier, CCIM
Principal
D (206) 773-2694
cchevaillier@lee-associates.com
Daniel Lim
Vice President
D (206) 773-2692
dlim@lee-associates.com
Dea Sumantri
Associate Vice President
D (206) 773-2680
dsumantri@lee-associates.com
Chris Larsen
Associate
D (206) 773-2695
clarsen@lee-associates.com
Challenge
The seller is a large financial institution who has been appointed to be the trustee for one of their client's estate. They needed to divest one of the apartment buildings within the portfolio. It was important to find an experienced brokerage team who could execute the sale effectively. After interviewing several teams, the seller decided to hire the Lee & Associates Multifamily team to represent them in the market. With the changing market conditions and current rents almost 30% below market, our team would need to find the right buyer with the equity and interest to purchase the property.
Action
Our team is organized and meticulous when it comes to preparing for a successful listing. From gathering due diligence materials, to working closely with the property management company to prepare the building for sale, our team handles all aspects of the preparation.
Having the comprehensive documentation on the building allowed the potential buyers to review all information that they needed and submit an offer without disturbing the residential and commercial tenants. Within three weeks on the market, our client received two offers and one of them was a full price offer.
Result
Two key components that contributed to the Lee Multifamily team’s success in this transaction were communication and experience. During the feasibility period, a tenant declined to provide access. This was a critical issue because the tenant’s unit was the very unit that the buyer was planning to occupy for his business in the future. It would have derailed the purchase if the buyer was not able access that unit. Through effective diplomacy and communication, we were able to find solution and gained access to the unit.
The wealth of experience that our team have amassed through selling 140+ apartment buildings over the years played an important role in negotiating favorable terms for our client.
Our Lee team was able to maximize our client’s net proceeds while maintaining a tight closing within 90 days after it was listed.