Paragon Multifamily Real Estate in the Puget Sound

Conor Barclay of Paragon just brokered the sale of the Olympic Apartments in Auburn. A exhaustive and well-executed marketing plan attracted a highly qualified buyer who closed on the property within weeks of making the initial offer.

Barclay’s superior negotiating skills for his client resulted the transaction closing at only 4% off the asking price. The Olympic Apartments is a 1960’s product with a mix of  one bedroom and two bedroom units which sold at a cap rate of 7%.

Erik Peterson of Paragon Real Estate Advisors is pleased to announce the sale of a triplex apartment building in Seattle’s Queen Anne neighborhood. The triplex was built in 1957 in the mid-century modernist style, and includes a large townhome style 2 bedroom unit, and two 1 bedroom units. A beautiful watershed across the street ensures that the two east facing units in the building will never have the outstanding views they enjoy of the Aurora bridge blocked. The building’s residents enjoy the North slope of Queen Anne’s proximity to central Fremont, the top of Queen Anne, and Seattle Pacific University. Its location near the intersection of Westlake Avenue, Dexter Avenue, and Nickerson Street offer it convenient access to public transportation as well as SR99.

The Seller was an independent property investor represented by Dave Paxton of RSVP Real Estate. The property produced considerable investor demand due to the combination of outstanding location and its impeccable condition, and sold for $625,000.

Saint Newton of Paragon Real Estate Advisors is pleased to announce the sale of another apartment building, this time working for FNMA. Seattle Heights, located in Edmonds, presented substantial challenges due to high vacancy, down units, occupied units at below market rents, and lots of deferred maintenance. Saint used his knowledge of operating apartments to help the buyer visualize upgrades that could pay off in both increased rent and value. This 15 unit apartment building closed on February 23^rd 2012 with a final price of $848,000.

Cathy Jeney and Peter Larsen are pleased to announce the sale of the Daniels located at 12250 Greenwood Ave N, in Seattle. This 44 unit + retail building, which was built in 1995 and had been owned and operated by the original builder, is in exceptional condition. The attention to detail and quality craftsmanship can be seen throughout the building. Cathy and Peter navigated the transaction with precision, and with a strong and effective marketing plan in place, a qualified buyer was brought to the table within two weeks. The deal closed three months later for a final price of $7,250,000 and a CAP rate of 5.7%. The buyer was represented by Tyler Smith and Steve Fischer of Westlake Associates.

Conor Barclay and David Petersen of Paragon Real Estate Advisors represented the seller of the Eleni mixed-use building located at 401 NE 45th Street in University District. To maximize the potential buyer pool, the property was marketed as both a standalone investment and a development site with the adjacent lot. With this targeted marketing plan the team located the perfect buyer for the property who paid cash and closed within two weeks.

Saint Newton and Paul Mickley of Paragon Real Estate Advisors are pleased to announce the sale of another apartment building, the Dorn which is located in south Everett. This 26 unit apartment building closed on February 10^th, 2012 with a final price of $1,787,000. The Buyer secured new financing through Dawn Jones of Investors Real Estate Capital. One of the many ways that Paragon added value to the transaction was illustrating to the Buyer how he could increase his cash flow and add value to the investment by installing a washer and dryer in each of the units.

Eric Smith and John Stoner of Paragon Real Estate Advisors closed the Riviera Northgate Apartments, a 44 unit apartment building that was built in 1970 and located on Pinehurst Way in Northgate. The building is comprised of one and two bedroom units, was on the market for less than one month and sold for $4,175,000 with a new loan provided by JP Morgan Chase. Smith represented the Seller, Riviera Northgate LLC and Stoner represented the Buyer, Sports Medicine LLC. The Buyer purchased the property as part of a IRS Section 1031 Exchange with Exchange Facilitator of Seattle acting as the qualified intermediary. The 1031 Exchange was very popular up until several years ago when the market slowed down. Smith believes that the increase in 1031 Exchange transactions bodes well for the investment real estate market and further underscores the growing transaction volume in the Seattle area.

David Meissner and Peter Larsen of Paragon Real Estate Advisors are pleased to announce the sale of Cambridge Park Apartments in Redmond, Washington. Cambridge Park is a high-quality, well-maintained, 39-unit building, built in 1988, located near Redmond Town Center. The sale closed September 19, 2011 for $4,960,000.00.

The Sellers’ had owned and effectively managed the property for 23 years and were retiring from the apartment business. The out-of-state Buyer purchased the property with the intention of modernizing the units and taking advantage of the strong rental market to increase their yield on investment.  Both the Buyer and the Seller were longtime, repeat clients of Paragon Real Estate Advisors.

Paragon specializes in the quality representation of real estate investors and diligently works on their behalf to assist them in reaching their financial goals.

Erik Peterson and Cathy Jeney of Paragon Real Estate Advisors are pleased to announce the sale of a 6 unit apartment building in Seattle’s Eastlake neighborhood. Built in 1960, 2707 Franklin has an excellent mix of 1 and 2 bedroom units, with some units boasting incredible views of the Lake Union, Queen Anne, and the Olympic Mountains. The building’s residents enjoy Eastlake’s charming community, convenient freeway access, and its close proximity to downtown Seattle and the University of Washington.

The Buyer was an independent property investor represented by Paul Mickley, also of Paragon Real Estate Advisors. The property produced considerable investor demand due to the combination of outstanding location and its impeccable condition. The building sold for $1,150,000 at a capitalization rate of 4.8%. The Buyer obtained a new loan through US Bank to finance the purchase.

Dave Smith and Conor Barclay of Paragon Real Estate Advisors are pleased to announce the sale of the Everspring Inn located near Green Lake on Highway 99. The Everspring Inn is a 33 room motel, built in 1996, located at 8201 Aurora Avenue. Dave and Conor were hired exclusively to represent Prime Pacific Bank in the sale of this bank-owned asset. A very deliberate marketing campaign was designed to target all motel owners in the Puget Sound area which produced numerous offers. An offer from a well-established, local motel operator was accepted and the deal closed within 30 days. Prime Pacific Bank provided new financing to the Buyer.