{"id":8188,"date":"2026-01-23T08:52:56","date_gmt":"2026-01-23T16:52:56","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8188"},"modified":"2026-08-04T09:33:26","modified_gmt":"2026-08-04T16:33:26","slug":"case-study-lanning-apartments","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/01\/23\/case-study-lanning-apartments\/","title":{"rendered":"Seattle Multifamily Investment Sale Case Study: Lanning Apartments"},"content":{"rendered":"<div id=\"pl-8188\"  class=\"panel-layout\" ><div id=\"pg-8188-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8188-0-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8188-0-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-8188-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-bdfc1dc96073-8188\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h2 class=\"sow-headline\">\n\t\t\t\t\t\tStewardship &amp; Strategy, Executing a Thoughtful Exit\t\t\t\t\t\t<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8188-0-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-8188-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8188-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8188-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8188-1-1-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-8188\"\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\/12\/219-Belmont-Ave-5-1024x770.jpg\" width=\"1024\" height=\"770\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/12\/219-Belmont-Ave-5-1024x770.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/12\/219-Belmont-Ave-5-300x226.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/12\/219-Belmont-Ave-5-768x577.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/12\/219-Belmont-Ave-5.jpg 1507w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><div id=\"panel-8188-1-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-8188-1-1-1\" ><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<h3><\/h3>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<h3><strong><span style=\"color: #009ad9\">Key Deal Points<\/span><\/strong><\/h3>\n<ul style=\"list-style-type: square\">\n<li>Address: 219 Belmont Ave E, Seattle<\/li>\n<li>Units: 11<\/li>\n<li>Sale Price: $2,550,000<\/li>\n<li>Brought multiple offers in the face of a changing regulatory environment<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8188-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-8188-1-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"3\" ><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 owned a charming, turn-of-the-century apartment building in Capitol Hill and had recently assumed full management responsibilities from their partner. While the property had been well cared for over time, the day-to-day operational demands combined with deferred maintenance and an increasingly complex regulatory environment quickly became overwhelming. Initially focused on preserving the building\u2019s long-term value, the seller ultimately needed expert guidance to assess the asset, stabilize operations, and determine the best path forward toward a successful and well-timed exit.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-8188-1-2-1\" class=\"so-panel widget widget_sow-editor panel-last-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>Action<\/strong><\/h2>\n<p>Daniel and the Lee &amp; Associates Multifamily Team stepped in as a trusted advisor, delivering a white-glove approach from the outset. We worked closely with the seller to define the scope and estimated costs of deferred maintenance, bringing clarity to the building\u2019s condition and establishing confidence for both ownership and prospective buyers.<\/p>\n<p>Ahead of marketing, our team assisted in preparing the asset for sale by organizing historical records and documentation inherited from the prior managing partner, identifying more competitive insurance options, and assembling a comprehensive due diligence package. During the marketing process, we also advised on value-preserving strategies, including implementing carefully timed rent increases that strengthened the building\u2019s income profile without disrupting momentum.<\/p>\n<p>During the marketing period, new regulatory requirements were introduced, adding complexity to the process. Through proactive communication, diligent coordination, and thoughtful problem solving, we navigated these challenges while remaining focused on identifying a buyer with both conviction in the asset and a clear path to closing.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8188-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-8188-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8188-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8188-2-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-8188-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" 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>Result<\/strong><\/h2>\n<p>Despite operational, regulatory, and transactional complexities, the sale closed successfully with a qualified buyer committed to performing through to the finish line. The seller was able to step away from the demands of active management, regain valuable time, and move forward with confidence knowing their Capitol Hill asset would continue to be thoughtfully cared for under new ownership.<\/p>\n<p><i>After years of ownership, the day-to-day management of the building became more challenging than I anticipated.\u00a0 I\u2019m grateful to have found and worked with a broker I truly trusted.\u00a0 Daniel and the Lee &amp; Associates Multifamily Team guided me through every step with clarity, patience, and professionalism.\u00a0 Knowing they had a thoughtful plan and were always looking out for my best interests made the entire process feel manageable. It was hard to make the decision to let someone else become the steward of this historic piece of property, but Daniel allowed me to move forward with confidence.\u00a0 He is an exceptional broker.\u201d - Misha<\/i><\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-8188-2-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div class=\"panel-widget-style panel-widget-style-for-8188-2-1-1\" ><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><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8188-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-8188-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8188-3-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8188-3-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8188-3-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-8188-3-1-0\" ><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<p><span style=\"color: #009ad9\"><strong>Daniel Lim<\/strong><\/span><\/p>\n<p>Senior Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2692<br \/>\ndlim@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8188-3-2\"  class=\"panel-grid-cell\" ><div id=\"panel-8188-3-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"8\" ><div class=\"panel-widget-style panel-widget-style-for-8188-3-2-0\" ><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<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<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8188-3-3\"  class=\"panel-grid-cell\" ><div id=\"panel-8188-3-3-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"9\" ><div class=\"panel-widget-style panel-widget-style-for-8188-3-3-0\" ><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<p><span style=\"color: #009ad9\"><b>Sara Bago<\/b><\/span><\/p>\n<p>Associate Vice President<br \/>\n<strong>D<\/strong>\u00a0 (425) 443-0907<br \/>\nsbago@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8188-3-4\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-8188-3-4-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"10\" ><div class=\"panel-widget-style panel-widget-style-for-8188-3-4-0\" ><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<p><span style=\"color: #009ad9\"><strong>Dea Sumantri<\/strong><\/span><\/p>\n<p>Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2680<br \/>\ndsumantri@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8188-3-5\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-8188-4\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-8188-4\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-8188-4-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8188-4-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-8188-4-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-8188 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 CENTER...\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-8188-4-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"12\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-8188\"\n\t\t\t\n\t\t>\t<div\n\t\tclass=\"sow-post-carousel-wrapper sow-post-carousel-theme-base\"\n\t\tstyle=\"overflow: hidden; max-width: 100%; min-height: 182px\"\n\t>\n\t\t<div class=\"sow-carousel-title\">\n\t\t\t<div class=\"sow-carousel-navigation 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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=\"8606e5b5\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>&nbsp; Key Deal Points Address: 219 Belmont Ave E, Seattle Units: 11 Sale Price: $2,550,000 Brought multiple offers in the face of a changing regulatory environment Challenge Our client owned a charming, turn-of-the-century apartment building in Capitol Hill and had recently assumed full management responsibilities from their partner. While the property had been well cared for over time, the day-to-day operational demands combined with deferred maintenance and an increasingly complex regulatory environment quickly became overwhelming&#8230;.<\/p>\n","protected":false},"author":244,"featured_media":8191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,1061,1183],"tags":[1103,1104,1105,1146],"class_list":["post-8188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-multifamily","category-seattle","tag-candice-chevaillier","tag-daniel-lim","tag-dea-sumantri","tag-sara-bago"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Seattle Multifamily Investment Sale: Lanning Apartments<\/title>\n<meta name=\"description\" content=\"Explore how Lee &amp; 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