Case Study – Halladay Apartments

Halladay Apartments - 2214 W Halladay Street

Key Deal Points

  • 2214 W Halladay St, Seattle WA 98199
  • Luxury 4-unit apartment complex with penthouse
  • No negotiation after mutual acceptance
  • All Cash buyer

“I hired Candice Chevaillier to sell my high-end fourplex.  She had sold it to me years before and during my ownership I significantly upgraded the property.

As an interior designer with a discerning eye, I wanted to ensure that my property was shown in the very best light.  Candice welcomed my choosing of the architectural photographer and having a hand in staging the penthouse unit.  Knowing that the building might appeal to a residential buyer who might choose to live in the property, she also brought in a top Magnolia residential agent to ensure that we not only garnered interest from the real estate investment community but also the luxury residential market.

Our market timing, releasing just at the beginning of the pandemic turned out to be an interesting time, but undeterred, Candice worked hard to identify an appropriate buyer.  Once we came to terms and went into contract, there were no surprises and despite the strange time, the building closed on time and for a good price.  I would not hesitate to hire Candice again. “

- EJ Armstrong, Client

The Challenge

The owner of this apartment building had purchased the property from Candice Chevaillier 12 years prior.  During her ownership, she upgraded the building to owner occupy the gracious penthouse unit and for a time, rented out the lower units as AirBnb short term rentals.  The Seller since moved and was looking shift out of the role of active property management; she wanted to simplify.  When the marketing began, two of the four units were vacant.  The plan had always been to release the building to market in the Spring of 2020, and as dynamics of the coronavirus began to worsen, it became clear that the market was getting worse and not better, with eviction bans and rent increase freezes being enacted at the City and State level.

Our Approach

Our team designed a marketing strategy that targeted both the existing universe of real estate investors and also capture potential owner-occupied buyers, offering a rare opportunity to purchase a stunning penthouse unit with income coming in from the lower three units.  The team was to target a buyer who would look beyond the market headwinds and recognize the quality of the asset.  It was thoughtfully staged and beautifully photographed to appeal to a sophisticated purchaser with refined taste. We co-brokered with a residential agent to ensure we left no stone unturned with regard to the source of potential buyers. Because the building was clearly in excellent condition, we expected strong and immediate interest in it from the market, even with the strange landscape.  This proved to be correct.

An impressive number of buyers indicated interest. Ultimately, it was the investment community that responded with the strongest buyer – one that had not been active for 10 years and had to sell another apartment building to complete the sale as part of a 1031 exchange.  Our team created a thoughtful counter proposal to the offer that eliminated price negotiation, rendered Earnest Money non-refundable, and outlined a feasible timeline for the buyer to perform.

The Outcome

Orchestrating terms and timelines that aligned the needs of all parties resulted in a successful on-time closing, a successful exchange for the buyer and a seller who got a strong price and was also relieved of the ongoing responsibility of being a landlord, her original objective.

For more information regarding this case study, please contact:

Candice Chevaillier, CCIM

(206) 773-2694

Daniel Lim

Senior Associate
D  (206) 773-2692