Northmarq Arranges Sale of 37-Unit Seattle Apartments

Northmarq Arranges Sale of 37-Unit Seattle Apartments

Northmarq’s Seattle Multifamily Investment Sales team of Casey Zejdlik, Matt Johnston and Taylor Wyman has brokered the sale of the Brooklyn Avenue Apartments for $9.05 million. The 37-unit multifamily property was built in 2016 and is located at 5216 Brooklyn Ave. NE in Seattle.

Northmarq represented the buyer, IFO & Associates LLC, a Seattle- based private investor who was looking to place funds from a 1033 exchange. The seller was J-Pan Investment LLC, a China-based private investor looking to exit the Seattle market.

“Our team set out to assist a family, referred from a repeat client, in placing equity they were looking to invest in a multifamily property,” said Johnston. “The buyer worked with our team to create a business plan to stabilize the asset and maximize NOI during the seller-financing period.”

Located in the University District, Brooklyn Avenue Apartments offers studio and one-bedroom apartment homes. The multifamily property is walkable to the University District Light Rail Station and less than a five-minute drive from the University of Washington campus.

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