Since the time of its formation in 1995, Paragon Real Estate Advisors has gained a reputation for its keen regional perspective and comprehensive client service in multi-family property sales. In fact, Paragon has closed 1,252 investment property transactions and secured over $2 billion in sales, making it Puget Sound’s leader in multi-family commercial real estate.
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.
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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!
Paragon Real Estate Advisors finishes the month of May with another closing. A 16 unit apartment building located just off of NE 22nd, in the University District, only blocks from the U. Village shopping mall. The building itself started life as a fraternity house and was eventually relocated to its existing location where it has been functioning as an apartment building for many years. Property Pro, LLC, a local real estate investment group with several rental properties in the University District, purchased the property. They have extensive plans of renovating the property to bring back some of its lost charm as well as updates to bring it into the 21st century. The sale of this property occurred very fast. It received an all cash offer after being on the market for only a few days and closed within 30 days. The final purchase price was $1,200,000. David Petersen, Eric Smith and Ryan Iles represented the Seller and Matthew Townsend of Windermere represented the Buyer.
Paragon Real Estate Advisors is proud to announce the recent sale of an 8 unit building at 19 Ward Street located in the prestigious Queen Anne south slope neighborhood. The building, owned by the Seller since it was built in 1956, was meticulously maintained and in 1992 it was tastefully remodeled and updated to take advantage of the spectacular south slope views. The capitalization rate on the current rental income is approximately 5.65%, with upside. The selling price was $1,610,000 and financing was secured through JP Morgan Chase Bank, N.A. Cathy Jeney represented the Seller in the transaction.
Back Alley Investors, a local investment consortium, recently purchased the Marilyn Apartments located at 1816 Eastlake Avenue East in Seattle’s increasingly desirable South Lake Union (SLU) neighborhood. Situated near SLU’s recently developed Life Science hub where prominent organizations such as Fred Hutchinson Cancer Research Center and Bill and Melinda Gates Foundation can be found, the Marilyn, built in 1910, has affordable efficiency units, parking and room to expand in the basement. The loan closed using an assumption of the first loan with a small Seller second loan, resulting in a down payment of 25 percent. The capitalization rate was approximately 5.50 percent and there is rent upside in some of the units. Eric Smith of Paragon Real Estate Advisors, a twenty year veteran of multifamily sales in the Northwest represented the Seller and Larry Crites of Lake and Company Real Estate represented the Buyer.
Paragon Real Estate Advisors is pleased to announce our latest closings. Dave Smith represented the Seller of the Queen Anne Triplex located at 2158 6th Avenue North on April 28th. The triplex is a two-story building built in 1942 and is located on the east slope of Queen Anne Hill. The residents enjoy sweeping views of Lake Union and the Cascade Mountains. The property sold for the list price of $419,000. David Petersen represented the Buyer of the Green Lake 12 unit located at 430 Northeast Maple Leaf Place on May 11th. The building, located in a highly-desirable neighborhood, was well maintained and brought in 11 other offers. The final purchase price was $1,100,000. Financing was secured through Luther Burbank Savings. Eric Smith represented the Seller of the Queen Anne 8 unit located at 3401 & 3405/07 14th Avenue West. The two buildings, located in Seattle’s premier rental area, were built in 1960 and each building sits on its own 6,000 square foot lot. Cathy Jeney and Peter Larsen, also of Paragon Real Estate Advisors, represented the Buyer. It was an all cash transaction and closed within three weeks.
Paragon is proud to announce the sale of Spring Hill, a development site located in West Seattle’s popular Alaska Junction. The property was fully entitled with plans and permits. The property received four offers and sold above the listing price for a final price of $2,160,000. The Buyers plan to break ground as soon as possible. Cathy Jeney and Peter Larsen represented the Seller and Vi Westman of Pointwest Commercial Realty represented the Buyer.
