{"id":3489,"date":"2020-11-05T12:17:54","date_gmt":"2020-11-05T20:17:54","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=3489"},"modified":"2021-06-25T16:22:00","modified_gmt":"2021-06-25T23:22:00","slug":"case-study-gladstone-apartments","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2020\/11\/05\/case-study-gladstone-apartments\/","title":{"rendered":"Case Study &#8211; Gladstone Apartments"},"content":{"rendered":"<div id=\"pl-3489\"  class=\"panel-layout\" ><div id=\"pg-3489-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-3489-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-3489-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-3489-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-3489\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/06\/Gladstone-1024x582.jpg\" width=\"1024\" height=\"582\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/06\/Gladstone-1024x582.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/06\/Gladstone-300x170.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/06\/Gladstone-768x436.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2021\/06\/Gladstone.jpg 1500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" alt=\"Gladstone Apartments - 12315 28th Avenue NE\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-3489-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-3489-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-3489-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-3489-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-3489-1-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3><strong><span style=\"color: #009ad9\">Key Deal Points<\/span><\/strong><\/h3>\n<ul style=\"list-style-type: square\">\n<li>12315 28th Ave NE, Seattle, WA 98125<\/li>\n<li>32-unit apartment complex<\/li>\n<li>Sold in 38 days from mutual acceptance<\/li>\n<li>All Cash buyer<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-3489-1-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-3489-1-1-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><i>\"We had a great experience handing over listing responsibilities of our 32-unit Seattle apartment complex to Lee &amp; Associates.<\/i><\/p>\n<p><i>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\u00a0to 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><\/p>\n<p><i>I highly recommend Lee and Associates to anyone considering representation for their commercial building.\"<\/i><\/p>\n<p><i>- KS, Client\u00a0<\/i><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-3489-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-3489-1-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>The Challenge<\/strong><\/h2>\n<p>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 &amp; Associates | Northwest multifamily team to sell their family asset.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-3489-1-2-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>Our Approach<\/strong><\/h2>\n<p>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.<\/p>\n<p>Given the tight timeline, our team quickly got to work partnering with the Seller\u2019s 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.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-3489-1-2-2\" class=\"so-panel widget widget_sow-editor\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>The Outcome<\/strong><\/h2>\n<p>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\u2019s 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 &amp; Associates | Northwest multifamily team executed on the Seller\u2019s goals by closing the transaction prior to the election in only 38 days from mutual acceptance.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-3489-1-2-3\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div class=\"panel-widget-style panel-widget-style-for-3489-1-2-3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<table style=\"width: 100%;border-collapse: collapse\" border=\"0\">\n<tbody>\n<tr>\n<td style=\"width: 50%\"><span style=\"color: #009ad9\"><strong>Candice Chevaillier, CCIM<\/strong><\/span><\/p>\n<p>Principal<strong><br \/>\nD\u00a0 <\/strong>(206) 773-2694<br \/>\ncchevaillier@lee-associates.com<\/p>\n<\/td>\n<td style=\"width: 50%\"><span style=\"color: #009ad9\"><strong>Daniel Lim<\/strong><\/span><\/p>\n<p>Senior Associate<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2692<br \/>\ndlim@lee-associates.com<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-3489-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-3489-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-3489-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-3489-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-3489-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-3489-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-3489 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div 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class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9305\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Multifamily Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t<\/div>\n\t\t<input type=\"hidden\" name=\"instance_hash\" value=\"cb9e5aeb\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 12315 28th Ave NE, Seattle, WA 98125 32-unit apartment complex Sold in 38 days from mutual acceptance All Cash buyer &#8220;We had a great experience handing over listing responsibilities of our 32-unit Seattle apartment complex to Lee &amp; 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&#8230;.<\/p>\n","protected":false},"author":39,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,6,1,1061],"tags":[],"class_list":["post-3489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-featured","category-media-center","category-multifamily"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Case Study - Gladstone Apartments - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2020\/11\/05\/case-study-gladstone-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Gladstone Apartments\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 12315 28th Ave NE, Seattle, WA 98125 32-unit apartment complex Sold in 38 days from mutual acceptance All Cash buyer &quot;We had a great experience handing over listing responsibilities of our 32-unit Seattle apartment complex to Lee &amp; Associates. 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Our team guided us through the process and took care of most of the legwork involved....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2020\/11\/05\/case-study-gladstone-apartments\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-05T20:17:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-25T23:22:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Blog-Headers-1024x576_Case-Study.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2020\\\/11\\\/05\\\/case-study-gladstone-apartments\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2020\\\/11\\\/05\\\/case-study-gladstone-apartments\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Case Study &#8211; 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