Case Study – Capitol Hill 5-Unit
Key Deal Points
- 1806 16th Ave., Seattle, WA
- Multiple Offers
- Sale Price: $1.5M
- Redevelopment Play Closed in 70 Days
It was a pleasure working with the Lee & Associates Multifamily team. They were responsive and focused on how to net me the highest proceeds in the shortest amount of time. I was pleased that even though the buyer was a developer, I didn’t have to wait around for a typical developer closing timeline. The property from “for sale” to “closed” in just over one month!
- Mr. L.
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
Assignment
The owners of this parcel in a prime development district hired Lee and Associates to market their property. Attractively situated across from Seven Hills Park in Capitol Hill, this opportunity had many promising attributes. Lee & Associates was hired to execute the marketing and sale of the property as well as navigate around potential pitfalls and the current market conditions to successfully achieve their exit and maximize value.
Action
Identifying the potential that existed in the property, vacancies that allowed for investors to reset rents, renovate or even convert to single family. In addition, the property made for an attractive development site. The Multifamily Team launched a comprehensive marketing campaign. Broad exposure was essential, leveraging digital platforms, listing services, and their own curated buyer lists they targeted both value add investors and in-fill developers.
When initial responses revealed strong interest from developers, the Team swiftly focused their outreach on that audience. Rooftop calling local townhome and in-fill site developers directly, to emphasize the properties development potential.
Result
The Team’s comprehensive approach and nimbleness in pivoting strategies, yielded multiple offers within the first two weeks of marketing. They were able to not only push pricing but also terms, shrinking developer timelines into a more typically conventional closing timeframe and reduce contingencies for their client.
As the buyer proceeded through their feasibility, the team worked diligently to address and reduce any potential risks for their clients resulting in a smooth on time closing.