Case Study – 4714 22nd Ave NE | 12-Units
Key Deal Points
- 4714 22nd Ave NE, Seattle
- 12-unit
- Sale Price $3.4M
- Closed within 34 days
- Represented 1031 Buyer
The team at Lee & Associates helped me confidently navigate the sale of my building, an exchange into a new property, and all the stages and deadlines in between. I look forward to with them again.
- Ann
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
The Challenge
Lee & Associates Multifamily team recently represented our client in the successful sale of one of their buildings. Our strategic marketing and expert negotiation skills ensured an optimal outcome for the sale, aligning perfectly with our client’s investment goals.
We now enter the critical 45-day identification window to secure an upleg replacement property. Navigating the current Seattle real estate market presents unique challenges, with transaction volumes down more than 50% from the previous year and many building owners holding off on sales in anticipation of lower interest rates. Our Lee Multifamily team is ready to mobilize, leveraging our extensive market knowledge and network to identify and present opportunities that meet our client’s requirements within this timeframe.
Action
Understanding the critical importance of adhering to the 45-day identification period and the 180-day closing period, we left no stone unturned in our quest. We tirelessly presented an array of options, showcasing over 27 properties, and engaged in extensive consultations with 1031 exchange lawyers and experts to expand our client's options and ensure compliance with all regulations.
By staying attuned to market shifts and maintaining proactive engagement with potential sellers and other brokers in the community, we uncover hidden gems and off-market properties even in an environment of constrained inventory.
Result
Our persistence and dedication culminated in discovering an off-market opportunity that perfectly matched our client's investment criteria. This strategic find was secured within the identification period, and through our efficient processes and proactive coordination, we facilitated a seamless closing within just 30 days. Our ability to navigate the complexities of the 1031 exchange, coupled with our deep market insights and robust network, enabled us to deliver exceptional results, reaffirming Lee & Associates Multifamily Team’s reputation as a trusted advisor in the Seattle apartment market.