Northmarq brokers $3.4 million sale of Seattle multifamily community
SEATTLE (May 8, 2024) — Northmarq’s Seattle Multifamily Investment Sales team of Taylor Wyman, Casey Zejdlik and Matt Johnson has completed the sale of Mark Twain Apartments, a 12-unit multifamily property. Built in 1959, the property is located at 4714 NE 22nd Avenue.
Northmarq represented the seller, MT Apartments LLC and Valley Professional Center LLC. The buyer, Baldwin Sea LLC, acquired the property for $3.4 million with a 4.35% cap rate.
“This transaction highlights our firm and team's commitment to our client's success. Amid the volatile capital markets, we secured an all-cash, non-contingent offer from a local buyer in a 1031 exchange,” said Wyman. “The outcome was ideal for all parties involved as it allowed our clients to relieve themselves of management responsibilities at an attractive price and aligned with the buyer’s existing multifamily portfolio in the area.”
Conveniently situated within a 15-minute walk of the University of Washington, the Mark Twain Apartments offers one-bedroom apartment homes in the bustling University District (U District). The property boasts a Walk Score of 85 with three shopping centers within 1.4 miles and dining, shopping and entertainment of the U District. Additionally, residents enjoy many opportunities for recreation with proximity to Ravenna Park and Cowen Park.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
