Case Study – Greenlake Pointe
Precision Timing and Seamless Coordination
Key Deal Points
- Address: 1400 N 80th St, Seattle
- Units: 21 Residential + 3 Retail
- Sale Price: $10,000,000
- Timeline: Closed One Day before sellers 1031 acquisition
- Unique Feature: Newer construction property at an enviable location
Client Quote
"The Lee & Associates Multifamily Team was truly top-notch. Their communication and advice throughout the process was exceptional, keeping every detail on track from start to finish. I would highly recommend them to anyone looking to buy or sell apartment buildings in Seattle" – Marcie & Chris, Clients
Challenge
Our client was ready to make a change, transitioning out of the day-to-day management of multifamily tenants and into a triple-net investment. With Greenlake Pointe’s trophy quality and prime Green Lake location, they wanted to be thoughtful and selective about their next investment while maximizing value on the sale. Timing, however, presented a unique challenge. Their desired retail acquisition required a firm closing date, leaving a narrow window to complete the sale of Greenlake Pointe. We needed to position and market the property strategically to attract a buyer who not only recognized its long-term value, but also combined patience and enthusiasm to align their closing schedule with the seller’s 1031 exchange timeline.
Action
Understanding the importance of precision and communication, the Lee & Associates Multifamily Team quickly mobilized to create a multiple offer environment and further, identify a qualified, all-cash buyer capable of meeting the seller’s strict timeline. From the first conversation through closing, our team maintained constant communication between both sides, buyer, seller, escrow, and accommodator, ensuring that every document, deposit, and approval stayed perfectly synchronized.
Our proactive approach, steady follow-through, and clear guidance helped both parties navigate the transaction with confidence. By anticipating potential roadblocks and addressing them before they surfaced, we kept the process smooth and steady, allowing everyone to stay focused on the shared goal: timely, successful closings.
Result
Through careful coordination, proactive management, and open communication, the sale of Greenlake Pointe closed the day before the client’s 1031 acquisition, perfectly aligning both transactions and allowing for a simultaneous exchange. The client achieved a seamless exchange, while the buyer secured a premier Green Lake asset, all completed with precision timing and collaboration.
For more information regarding this case study, please contact:
Candice Chevaillier, CCIM
Principal
D (206) 773-2694
cchevaillier@lee-associates.com
Sara Bago
Associate
D (425) 443-0907
sbago@lee-associates.com
Daniel Lim
Senior Vice President
D (206) 773-2692
dlim@lee-associates.com
Dea Sumantri
Vice President
D (206) 773-2680
dsumantri@lee-associates.com