Case Study – Gladstone Apartments

Gladstone Apartments - 12315 28th Avenue NE

Key Deal Points

  • 12315 28th Ave NE, Seattle, WA 98125
  • 32-unit apartment complex
  • Sold in 38 days from mutual acceptance
  • All Cash buyer

"We had a great experience handing over listing responsibilities of our 32-unit Seattle apartment complex to Lee & Associates.

This was a family-owned apartment for a generation, and we had no experience selling a commercial building. Our team guided us through the process and took care of most of the legwork involved. They were very flexible to our unique needs and came through with some of our tough emerging requirements around financing and a short closing period. They also educated us on various key considerations as we approached contract negotiations and ultimately deferred to our decisions while continuing to represent us with prospective buyers. We even had a last-minute rush to resolve lease issues that were neglected by property management, and the team went above and beyond to make this happen which saved us a lot of anxiety (and money).

I highly recommend Lee and Associates to anyone considering representation for their commercial building."

- KS, Client 

The Challenge

The owner of this apartment building had the asset in their family for 35+ years. Over the term of their ownership, the family had primarily self-managed the complex, taking diligent care of the asset. Several years prior to selling, they transferred management to a local third-party company which had its challenges. As the political climate continued to change in the City of Seattle, and additional conflicts arose in the wake of the 2020 pandemic and upcoming presidential election, the owner decided it was time to capitalize on their investment and hired the Lee & Associates | Northwest multifamily team to sell their family asset.

Our Approach

After touring the asset and conducting a full analysis of the cash flows and market value, we met with the family to understand their goals and discuss our findings. During the meeting it was clear the family was motivated to sell their asset with the goal of closing before the 2020 presidential election, which was only just a few months away.

Given the tight timeline, our team quickly got to work partnering with the Seller’s management company to compile the books and records for the property. In addition, a photographer and inspector were engaged in order to professionally capture the property and better understand the condition of the building prior to listing. Once all records were compiled, a full marketing package was completed to highlight the significant benefits of the property to appeal across a broad range of buyers to create a competitive landscape.

The Outcome

By creating a defined marketing strategy, including a rooftop calling campaign to neighboring owners, the team was able to find an all cash buyer that could deliver on closing the transaction prior to the 2020 presidential election to meet the Seller’s objectives. The purchase agreement was strategically negotiated to include a short feasibility period with no other contingencies in order to provide certainty to the Seller. In the end, the Lee & Associates | Northwest multifamily team executed on the Seller’s goals by closing the transaction prior to the election in only 38 days from mutual acceptance.

For more information regarding this case study, please contact:

Candice Chevaillier, CCIM

(206) 773-2694

Daniel Lim

Senior Associate
D  (206) 773-2692