{"id":6755,"date":"2023-06-23T14:02:55","date_gmt":"2023-06-23T21:02:55","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6755"},"modified":"2026-07-07T13:47:50","modified_gmt":"2026-07-07T20:47:50","slug":"case-study-capitol-hill-11-units","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2023\/06\/23\/case-study-capitol-hill-11-units\/","title":{"rendered":"Case Study &#8211; Capitol Hill 11 Units"},"content":{"rendered":"<div id=\"pl-6755\"  class=\"panel-layout\" ><div id=\"pg-6755-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6755-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6755-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6755-0-0-0\" 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-113ccd71f3e6-6755\"\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\/2025\/01\/2023.6-1024x667.jpg\" width=\"1024\" height=\"667\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.6-1024x667.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.6-300x195.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.6-768x500.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.6.jpg 1075w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6755-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6755-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6755-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6755-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6755-1-1-0\" ><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>766 Belmont Ave E, Seattle<\/li>\n<li>11-Unit Apartment in North Capitol Hill<\/li>\n<li>Sale Price $3.05M<\/li>\n<li>Represented 1031 Buyer<\/li>\n<li>Facilitated Loan Assumption at 3.5% interest rate<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6755-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6755-1-1-1\" ><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>&nbsp;<\/p>\n<blockquote>\n<p>The Lee Multifamily team was fantastic to work with. They expertly handled multiple moving parts to successfully close this purchase in a short timeframe. The Lee team efficiently facilitated all aspects of the purchase, including property identification, negotiation with the seller, loan assumption, and inspections. When the building I was originally pursuing was sold to another buyer, they were able to find a similar off-market property that fit my criteria. Thanks to Candice &amp; Dea\u2019s rapport with a strong network of contacts, we were able to quickly pivot and close on a property within the 45-day identification period for my 1031 exchange.<br \/>\n- Liz, Client<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6755-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6755-1-1-2\" ><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<p><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<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><strong>Daniel Lim<\/strong><\/span><\/p>\n<p>Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2692<br \/>\ndlim@lee-associates.com<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><strong>Dea Sumantri<\/strong><\/span><\/p>\n<p>Associate Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2680<br \/>\ndsumantri@lee-associates.com<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><b>Chris Larsen<\/b><\/span><\/p>\n<p>Associate<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2695<br \/>\nclarsen@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6755-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6755-1-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" 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>Challenge<\/strong><\/h2>\n<p>Our client reached out to the Lee &amp; Associates Multifamily team for a consultation on 1031 exchange. Our client trusted our team\u2019s ability in finding her a replacement property, which was already on the market. Our team is tasked to find a quality building within our client\u2019s 1031 exchange timeline.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6755-1-2-1\" 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>Action<\/strong><\/h2>\n<p>Our client gave the Lee team specific parameters on the replacement building: desiring a well-located area and within walking distance to amenities. Our team immediately went to work and presented several properties that would fit into the parameters. Our client was well-prepared, analytical and responsive which makes the process very efficient. The initial building that we brought to our client was under contract, but given how much the client liked the building, the Lee team leveraged their strong relationship with the listing broker to encourage the broker and by extension, their client, to entertain a back up offer that would bump the current buyer if they did not waive all of their contingencies within just two days. That building\u2019s initial buyer decided to go ahead and waive all of their contingencies and purchase that building. A hidden surprise occurred when, again, due to the strong broker relationships, our team\u2019s preceding reputation also with the owner of the building, and the work put into building rapport for our client, the listing broker had another, similar building, that they were about to bring to market. We were given the opportunity to write an offer on this off-market building.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6755-1-2-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><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>Result<\/strong><\/h2>\n<p>Our team\u2019s bold strategy worked; the seller took notice. Even though the first building was already spoken for, the seller offered our client a building. This new building had a similar attractive brick character and an even better location. Our team advised our client that we have an advantage to secure a quality asset where there will be no competition.<\/p>\n<p>During feasibility, our team negotiated a reasonable but meaningful seller credit for capital improvement projects. In addition, we facilitated a loan assumption with favorable rate for our client. In the end, our team has helped our client purchase a well-located asset and assisted the execution of successful 1031 exchange which closed within just a couple of weeks of the down-leg sale, keeping her equity at work.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6755-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6755-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6755-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6755-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6755-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6755-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6755 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-industrial-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9315\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Industrial Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Multifamily-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9305\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 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=\"e7a3a6eb\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 766 Belmont Ave E, Seattle 11-Unit Apartment in North Capitol Hill Sale Price $3.05M Represented 1031 Buyer Facilitated Loan Assumption at 3.5% interest rate &nbsp; The Lee Multifamily team was fantastic to work with. They expertly handled multiple moving parts to successfully close this purchase in a short timeframe. The Lee team efficiently facilitated all aspects of the purchase, including property identification, negotiation with the seller, loan assumption, and inspections. When the&#8230;<\/p>\n","protected":false},"author":183,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,1061],"tags":[1103,1126,1104,1105],"class_list":["post-6755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-multifamily","tag-candice-chevaillier","tag-chris-larsen","tag-daniel-lim","tag-dea-sumantri"],"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 - Capitol Hill 11 Units - 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\/2023\/06\/23\/case-study-capitol-hill-11-units\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Capitol Hill 11 Units\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 766 Belmont Ave E, Seattle 11-Unit Apartment in North Capitol Hill Sale Price $3.05M Represented 1031 Buyer Facilitated Loan Assumption at 3.5% interest rate &nbsp; The Lee Multifamily team was fantastic to work with. They expertly handled multiple moving parts to successfully close this purchase in a short timeframe. The Lee team efficiently facilitated all aspects of the purchase, including property identification, negotiation with the seller, loan assumption, and inspections. 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