{"id":6771,"date":"2022-10-17T14:45:24","date_gmt":"2022-10-17T21:45:24","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6771"},"modified":"2025-01-07T14:45:51","modified_gmt":"2025-01-07T22:45:51","slug":"case-study-thomas-park-portfolio","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2022\/10\/17\/case-study-thomas-park-portfolio\/","title":{"rendered":"Case Study &#8211; Thomas Park Portfolio"},"content":{"rendered":"<div id=\"pl-6771\"  class=\"panel-layout\" ><div id=\"pg-6771-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6771-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6771-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6771-0-0-0\" 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-113ccd71f3e6-6771\"\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\/2022.10-1024x707.jpg\" width=\"1024\" height=\"707\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.10-1024x707.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.10-300x207.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.10-768x530.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.10.jpg 1039w\" 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-6771-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6771-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6771-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6771-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6771-1-1-0\" ><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>Four-building Portfolio in Capitol Hill<\/li>\n<li>231 &amp; 301 Summit Ave E and 411-419 E Thomas St, Seattle, WA 98102<\/li>\n<li>Sale Price: $16,800,000<\/li>\n<li>Strong Current Cap Rate: 3.88%<\/li>\n<li>Price per Square Foot: $433<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6771-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6771-1-1-1\" ><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>Candice, Daniel, Dea, and Chris are incredibly responsive and knowledgeable throughout the entire acquisition process. We had a complicated purchase with a few bumps along the way, but Candice and her team were quick, communicative, and creative in coming up with solutions to get all parties across the finish line for a successful close.<br \/>\nDR, Buyer Representative<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6771-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6771-1-1-2\" ><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-6771-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6771-1-2-0\" 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>The Thomas Park Portfolio is a four-building portfolio collected over 46 years by a local architect and his family. It had been purchased with the intent to serve as a family legacy. Eventually it be clear that the family did not want to continue to operate the portfolio. The Seller felt a deep need to ensure that the buildings and tenants were carefully were transitioned to a new owner who was local, respectful and would continue the tradition of community that the Seller created. The search was on for such an investor, who would have the wherewithal and patience to continue to run this portfolio with a likeminded approach.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6771-1-2-1\" 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>The Seller hired the Northwest Multifamily Team a year in advance of the release to market timeline in order to ready the buildings for market, put needed rent increases in place and in order to capture the very best photography possible, including professional exterior, aerial and interior photography showcasing the property. The Team worked together with the Sellers to assemble a thorough due diligence file and prepare the buildings for market. The Team built a compelling marketing story: the opportunity to own a true community in an amazing Capitol Hill location, with irreplaceable retail and outdoor spaces. The buildings had been well-cared for and there was a further opportunity to upgrade the units over time. The Team released the building on schedule and created a marketing plan that included a vast digital market campaign, video highlight reels and an extensive directly calling campaign to local investors who would fit the profile of the perfect buyer. After 4 weeks of marketing a call for offers was set and the Team brought in 5 offers. Though the buildings had full exposure to the market, all five were brought in the by the team. The team then designed a process by which there would be an additional tour for the buyers, and a round of buyer interviews. The buyers were given a uniform list of questions designed by the Team and the Seller in advance so they could prepare answers and the interviews were held over video conference. These were incredibly valuable to this particular listing assignment, because of the very specific profile desired. From here, the Team was able to negotiate a second round of offers and returned with several non-contingent offers. The meant that the Seller was able to hand pick the buyer, but also sign a non-contingent offer with no contingencies for the sale of the buildings.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6771-1-2-2\" 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>While the parties entered into escrow with a non-contingent sale and purchase, there were many deal intricacies for Seller and Buyer and these were handled with proactivity and clear communication, allowing both parties to feel confident through to the closing table and paving the way for the best possible outcomes for all.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6771-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6771-2\"  class=\"panel-grid panel-has-style\" ><div 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value=\"87a7da1e\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points Four-building Portfolio in Capitol Hill 231 &amp; 301 Summit Ave E and 411-419 E Thomas St, Seattle, WA 98102 Sale Price: $16,800,000 Strong Current Cap Rate: 3.88% Price per Square Foot: $433 &nbsp; Candice, Daniel, Dea, and Chris are incredibly responsive and knowledgeable throughout the entire acquisition process. We had a complicated purchase with a few bumps along the way, but Candice and her team were quick, communicative, and creative in coming&#8230;<\/p>\n","protected":false},"author":183,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,6,1,1061],"tags":[1103,1126,1104,1105],"class_list":["post-6771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-featured","category-media-center","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 - Thomas Park Portfolio - 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\/2022\/10\/17\/case-study-thomas-park-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Thomas Park Portfolio\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points Four-building Portfolio in Capitol Hill 231 &amp; 301 Summit Ave E and 411-419 E Thomas St, Seattle, WA 98102 Sale Price: $16,800,000 Strong Current Cap Rate: 3.88% Price per Square Foot: $433 &nbsp; Candice, Daniel, Dea, and Chris are incredibly responsive and knowledgeable throughout the entire acquisition process. 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