Paragon Multifamily Real Estate in the Puget Sound

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.

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.

Cathy Jeney of Paragon is pleased to announce the closing of Cheri Plaza a 14 unit situated in the popular Green Lake neighborhood for $2,161,579.  With excellent communication between the two brokers, this all cash deal closed 17 days after it went into contract. The Buyer was represented by Leon Woffinden of Lake and Company.

With the summer upon us, we have seen more rental activity and increasing rents, quicker turnovers and more qualified rental prospects. Look for this trend to continue throughout the summer and slow down due to seasonal adjustments in November. Existing multi-family sales have also picked up with the trend toward smaller in-city buildings (5-20 units) and larger 100+, well located institutional buildings selling.  The demand for the 20 to 100 unit building is there but we have not seen a lot of Seller’s in this size range. Multi-family land is in strong demand and many well located in-city sites that were “Shovel Ready” have gone into contract and/or closed and the institutional developers are now making offers on sites without plans and permits. The demand for rental units is increasing and the published trends show continued demand for more apartments through 2013. Interest rates are still at all-time lows and the lenders are starting to climb out of their shells and are making good loans on good properties in good locations.

Contact us today for a free property valuation or to discover new opportunities.

Paragon. Beyond the Deal.

Dave Smith, one of the leading apartment brokers in the Puget Sound region at Paragon Real Estate Advisors represented the Seller of a 6 unit apartment building located on First Hill. The Terrace Apartments was originally built in 1907 which coincided with the same year that Swedish Hospital was built. The building features “old world charm” and represents a classic building that is becoming more rare as the neighborhood has given way to the expansion of the Hospitals, Seattle University, and new larger scaled construction. The Buyer intends to preserve the classic character of the building and make improvements. Dave  has represented the Seller multiple times over the last decade.

John Stoner and Saint Newton of Paragon Real Estate Advisors are pleased to announce the sale of the Westwood Apartments, an 84 unit apartment near the University of Washington for $11,175,000. Paragon brought this property to market in late March and put it into escrow two weeks later in a multiple offer scenario. With maximum market exposure by Paragon, the property received multiply offers by both local and national investors, which bid up the price after the Seller sought advice from Paragon regarding an unsolicited offer. Notably, both the Buyer and the Seller were repeat Paragon clients. Excellent communication and tightly written contracts made this a win–win for all parties.

Paragon Real Estate Advisors is proud to announce the sale of a development site on Southwest Avalon Way in West Seattle.  Local investor CD Heritage LLC, purchased the double-lot site and plans to develop a 100+ unit apartment building in 2012. It was an all-cash transaction with a final price of $675,000, and closed June 7, 2011. David Petersen and Conor Barclay represented the Seller and Dave Meissner represented the Buyer in the transaction. This marks the second West Seattle land deal that Paragon has brokered in the past 30 days. The first one closed May 13th. See Spring Hill Development for further details on that transaction!