Northgate Apartments, a former senior living facility totaling 121 units in Seattle, Washington sold Wednesday this week for $19M. The sale was fully marketed by Kidder Mathews’ Simon and Anderson team. The property was marketed on behalf of an institutional owner.
Dylan Simon, Matt Laird, and JD Fuller of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller. The buyer is a local, privately held real estate company. Kidder Mathews was the only broker involved in the transaction.
The four-story building is located at 11501 15th Avenue NE in Northgate, a rapidly urbanizing neighborhood 15 minutes north of downtown Seattle. Simon Property Group’s multi-billion-dollar transformation of Northgate Mall into Northgate Station, and a newly opened light rail station, are redefining the landscape of what was once a bedroom community on the edge of downtown Seattle.
“We took the property to market 100% vacant and with no historical operations as a market-rate apartment building,” said Dylan Simon. “We ran a comprehensive and robust marketing campaign – resulting in our team hosting 45 tours, delivering 19 offers to our client, and closing the sale just 22 days from contract signing.”
Simon added, “Kudos to both our client and the buyer, who worked cooperatively and diligently to get a complicated sale completed amidst challenging marketing conditions.”