{"id":6778,"date":"2022-08-29T14:57:18","date_gmt":"2022-08-29T21:57:18","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6778"},"modified":"2025-01-07T14:57:35","modified_gmt":"2025-01-07T22:57:35","slug":"case-study-fountain-court-apartments","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2022\/08\/29\/case-study-fountain-court-apartments\/","title":{"rendered":"Case Study &#8211; Fountain Court Apartments"},"content":{"rendered":"<div id=\"pl-6778\"  class=\"panel-layout\" ><div id=\"pg-6778-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6778-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6778-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6778-0-0-0\" 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-113ccd71f3e6-6778\"\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\/2022.8.jpg\" width=\"787\" height=\"586\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.8.jpg 787w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.8-300x223.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.8-768x572.jpg 768w\" sizes=\"(max-width: 787px) 100vw, 787px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6778-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6778-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6778-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6778-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6778-1-1-0\" ><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>3825 &amp; 3831 34th Ave W, Seattle<\/li>\n<li>18 Units<\/li>\n<li>Sale Price: $5,800,000<\/li>\n<li>Strong Sale Metrics: 4.58% cap rate<\/li>\n<li>Price Per Unit: $322,222<\/li>\n<li>Price Per Square Foot: $438<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6778-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6778-1-1-1\" ><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 and her team represented me fabulously in the sale of Fountain Court. Her personal attention and diligence demonstrated a genuine care that resulted in a great outcome.<br \/>\nEven after closing, Candice continued to check in to make sure I found a suitable replacement property. Though I had pretty much accepted that I would have to pay a considerable tax bill, literally on the last possible day of my 1031 identification period, she took further initiative to follow up and find the perfect replacement scenario that resulted in full tax deferral and an investment vehicle which would yield a great return.<br \/>\nThat is truly client care! Thank you! - CM<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6778-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6778-1-1-2\" ><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-6778-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6778-1-2-0\" 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 Seller, a successful serial entrepreneur, had owned this building for some time but had become increasingly uncomfortable with the political headwinds in Washington State. This, coupled with an approaching adjustable-rate mortgage set to reset, created a motivation to sell the property. While initial discussions commenced well in advance of the decision to sell, the market timing coincided with a changing market due to geopolitical uncertainty and the beginning of a significant rise in interest rates. There was a delinquent tenant who was not willing to leave, and a slow and arduous eviction process. In addition, there was loan leverage restraint narrowing selection of properties that would qualify for a 1031 exchange.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6778-1-2-1\" 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>While the Seller had other brokerage relationships, he decided to hire the Northwest Multifamily Team principally because of the responsiveness to his primary concern in selling \u2013 What to do with the proceeds. The Team offered a solution that would be an alternative to simply purchasing another investment property in Washington State, and instead, investing some or all proceeds into a Delaware Statutory Trust (DST) to maximize cashflow.<\/p>\n<p>The Team was hired and got to work, collaborating with the property management company to create a thorough due diligence package, and with talented photographers to create visual media, including photos and drone photography to showcase the building. The building was released to market quickly, but there were some headwinds, with geopolitical concerns adding to uncertainty in the market, along with the beginnings of interest rate growth, serving to erode investor returns. The Team actively managed buyer inquiries and recommended a conservative price adjustment to right-size the pricing against fluid market feedback and dynamics. Sure enough, a buyer emerged with the profile that would prove to be a perfect fit, a tech executive looking to move up from time-consuming 2\u20134-unit buildings, too small for professional property management, into a larger asset which could support management and give that buyer the opportunity to step away from the active landlord role. During the buyer\u2019s feasibility, there was the complication was a non-paying tenant. The Team worked closely with the Seller and the property management company to capitalize on an opportunity to negotiate an exit for that tenant that did not require following the lengthy and ineffectual formal eviction process. This cleared the way for the buyer to feel comfortable moving forward with the sale.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6778-1-2-2\" 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>By managing pricing in a changing market and thorough follow up on pursuing a plan for the non-paying tenant, the Team was able to move the building through to closing at a time when no other buildings in that market sold. As it turned out, the Seller was able to not only purchase a flexible DST investment that allowed for a tax efficient placement of equity for the 1031 exchange coupled with a quick return of capital, but he was also able to purchase a vacation home in the San Juans for periodic personal use as part of the exchange as well.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6778-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6778-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6778-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6778-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6778-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6778-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline 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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=\"f546a9b7\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 3825 &amp; 3831 34th Ave W, Seattle 18 Units Sale Price: $5,800,000 Strong Sale Metrics: 4.58% cap rate Price Per Unit: $322,222 Price Per Square Foot: $438 &nbsp; Candice and her team represented me fabulously in the sale of Fountain Court. Her personal attention and diligence demonstrated a genuine care that resulted in a great outcome. Even after closing, Candice continued to check in to make sure I found a suitable replacement&#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-6778","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 - Fountain Court 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\/2022\/08\/29\/case-study-fountain-court-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Fountain Court Apartments\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 3825 &amp; 3831 34th Ave W, Seattle 18 Units Sale Price: $5,800,000 Strong Sale Metrics: 4.58% cap rate Price Per Unit: $322,222 Price Per Square Foot: $438 &nbsp; Candice and her team represented me fabulously in the sale of Fountain Court. Her personal attention and diligence demonstrated a genuine care that resulted in a great outcome. 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