{"id":6817,"date":"2020-11-03T10:10:41","date_gmt":"2020-11-03T18:10:41","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6817"},"modified":"2026-07-07T13:49:09","modified_gmt":"2026-07-07T20:49:09","slug":"case-study-halladay-apartments-magnolia-4-unit","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2020\/11\/03\/case-study-halladay-apartments-magnolia-4-unit\/","title":{"rendered":"Case Study &#8211; Halladay Apartments Magnolia 4 Unit"},"content":{"rendered":"<div id=\"pl-6817\"  class=\"panel-layout\" ><div id=\"pg-6817-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6817-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6817-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6817-0-0-0\" 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-113ccd71f3e6-6817\"\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\/2020.11.jpg\" width=\"795\" height=\"683\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2020.11.jpg 795w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2020.11-300x258.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2020.11-768x660.jpg 768w\" sizes=\"(max-width: 795px) 100vw, 795px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6817-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6817-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6817-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6817-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6817-1-1-0\" ><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>2214 W Halladay St, Seattle<\/li>\n<li>Luxury 4-unit apartment complex with penthouse<\/li>\n<li>No negotiation after mutual acceptance<\/li>\n<li>All Cash buyer<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6817-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6817-1-1-1\" ><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<blockquote>\n<p>\u201cI hired Candice Chevaillier to sell my high-end fourplex. She had sold it to me years before and during my ownership I significantly upgraded the property.<br \/>\nAs an interior designer with a discerning eye, I wanted to ensure that my property was shown in the very best light. Candice welcomed my choosing of the architectural photographer and having a hand in staging the penthouse unit. Knowing that the building might appeal to a residential buyer who might choose to live in the property, she also brought in a top Magnolia residential agent to ensure that we not only garnered interest from the real estate investment community but also the luxury residential market.<br \/>\nOur market timing, releasing just at the beginning of the pandemic turned out to be an interesting time, but undeterred, Candice worked hard to identify an appropriate buyer. Once we came to terms and went into contract, there were no surprises and despite the strange time, the building closed on time and for a good price. I would not hesitate to hire Candice again.\u201c<br \/>\n- EJ Armstrong, Client<\/p>\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6817-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6817-1-1-2\" ><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-6817-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6817-1-2-0\" 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 owner of this apartment building had purchased the property from Candice Chevaillier 12 years prior. During her ownership, she upgraded the building to owner occupy the gracious penthouse unit and for a time, rented out the lower units as AirBnb short term rentals. The seller since moved and was looking shift out of the role of active property management. She wanted to simplify. When the marketing began, two of the four units were vacant. The plan had always been to release the building to market in the Spring of 2020, and as dynamics of the coronavirus began to worsen, it became clear that the market was getting worse and not better, with eviction bans and rent increase freezes being enacted at the City and State level.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6817-1-2-1\" 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>We designed a marketing strategy that targeted both the existing universe of real estate investors and also capture potential owner-occupied buyers, offering a rare opportunity to purchase a stunning penthouse unit with income coming in from the lower three units. We were to target a buyer would look beyond the market headwinds and recognize the quality of the asset. It was thoughtfully staged and beautifully photographed to appeal to a sophisticated purchaser with refined taste.We co-brokered with a residential agent to ensure we left no stone unturned with regard to the source of potential buyers. Because the building was clearly in excellent condition, we expected strong and immediate interest in it from the market, even with the strange landscape. This proved to be correct.<br \/>\nWe had an impressive number of buyers indicate interest. Ultimately it was the investment community that responded with the strongest buyer \u2013 one that had not been active for 10 years and had to sell another apartment building to complete the sale as part of a 1031 exchange. Our team created a thoughtful counter proposal to the offer that eliminated price negotiation, rendered Earnest Money non-refundable, and outlined a feasible timeline for the buyer to perform.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6817-1-2-2\" 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>Orchestrating terms and timelines that aligned the needs of all parties resulted in a successful on-time closing, a successful exchange for the buyer and a seller who got a strong price and was also relieved of the ongoing responsibility of being a landlord, her original objective.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6817-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6817-2\"  class=\"panel-grid panel-has-style\" ><div 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value=\"adc7403a\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 2214 W Halladay St, Seattle Luxury 4-unit apartment complex with penthouse No negotiation after mutual acceptance All Cash buyer \u201cI hired Candice Chevaillier to sell my high-end fourplex. She had sold it to me years before and during my ownership I significantly upgraded the property. As an interior designer with a discerning eye, I wanted to ensure that my property was shown in the very best light. Candice welcomed my choosing of&#8230;<\/p>\n","protected":false},"author":183,"featured_media":1965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,1061],"tags":[],"class_list":["post-6817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","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 - Halladay Apartments Magnolia 4 Unit - 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\/03\/case-study-halladay-apartments-magnolia-4-unit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Halladay Apartments Magnolia 4 Unit\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 2214 W Halladay St, Seattle Luxury 4-unit apartment complex with penthouse No negotiation after mutual acceptance All Cash buyer \u201cI hired Candice Chevaillier to sell my high-end fourplex. 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