{"id":6775,"date":"2022-10-14T14:52:58","date_gmt":"2022-10-14T21:52:58","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6775"},"modified":"2025-01-07T14:53:40","modified_gmt":"2025-01-07T22:53:40","slug":"case-study-7-units-in-wallingford","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2022\/10\/14\/case-study-7-units-in-wallingford\/","title":{"rendered":"Case Study &#8211; 7 Units in Wallingford"},"content":{"rendered":"<div id=\"pl-6775\"  class=\"panel-layout\" ><div id=\"pg-6775-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6775-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6775-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6775-0-0-0\" 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-113ccd71f3e6-6775\"\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\/2022.102-1024x681.jpg\" width=\"1024\" height=\"681\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.102-1024x681.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.102-300x200.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.102-768x511.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.102-272x182.jpg 272w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.102.jpg 1079w\" 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-6775-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6775-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6775-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6775-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6775-1-1-0\" ><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>3832 Eastern Ave N, Seattle, WA 98103<\/li>\n<li>$1,650,000<\/li>\n<li>$453 \/ SF<\/li>\n<li>Highly desirable North Lake Union Wallingford location<\/li>\n<li>Buyer achieved 15% improvement on gross rents within 3 months of acquisition<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6775-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6775-1-1-1\" ><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>Daniel and the Lee Multifamily Team were instrumental in navigating us through the acquisition process when multiple issues including the determination of two non-conforming units could have prevented us from successfully establishing our portfolio in Seattle.<br \/>\n- Song<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6775-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6775-1-1-2\" ><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-6775-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6775-1-2-0\" 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>Successfully syndicating deals in other major markets, the client desired to establish investments in their home city of Seattle. A prime location and strong return were key factors for establishing a presence in Seattle. After losing out on another opportunity, they were looking to land the perfect value-add deal in a competitive market. After, identifying an opportunity that was just two blocks from Seattle\u2019s landmark Lake Union, the Lee &amp; Associates Multifamily team guided the client through successfully negotiating a competitive offer and getting under contract. The deal was not without its surprises, the building needed significant updates necessitating tenant relocation, the interest rate environment was beginning to deteriorate, and it was discovered that two of the units were not permitted.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6775-1-2-1\" 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>Realizing the deal had quickly become a very complex for their client\u2019s first Seattle acquisition, the Multifamily team dug in and began reaching out to multiple City departments and connecting local building experts to get the Buyer up to speed with local zoning codes, the relocation process, and now to successfully navigate these variables. The team also proactively reached out to the client\u2019s out-of-state lender to educate them on market and the situation. Getting the lender up to speed, the team built a cohesive group to problem-solve the challenge at hand.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6775-1-2-2\" 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>With client, lender and broker all on the same page, the deal team was able to come up with an acceptable solution which provided the client with enough proceeds to close while protecting their long-term interest rate and still allowing them to perform renovations shortly after closing. Overcoming multiple barriers to entry, the client successfully acquired their first holding for their Seattle portfolio.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6775-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6775-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6775-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6775-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6775-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6775-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6775 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-headline\">\n\t\t\t\t\t\t<b>NEW<\/b> FROM THE MEDIA 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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=\"7232a205\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 3832 Eastern Ave N, Seattle, WA 98103 $1,650,000 $453 \/ SF Highly desirable North Lake Union Wallingford location Buyer achieved 15% improvement on gross rents within 3 months of acquisition &nbsp; Daniel and the Lee Multifamily Team were instrumental in navigating us through the acquisition process when multiple issues including the determination of two non-conforming units could have prevented us from successfully establishing our portfolio in Seattle. &#8211; Song For more information&#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-6775","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 - 7 Units in Wallingford - 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\" 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