The property previously traded thirty years ago between two private individuals for $6.3 million, or $47,727 per unit. That number says more than any press release.
Cadence Real Estate has picked up a multifamily apartment community opened in 1978 at 11300 3rd Ave. NE., a 132-unit, transit-oriented community in Seattle. The company paid $29 million for the asset, according to public records.
M&T Realty Capital Corp. provided an $18.9 million Freddie Mac loan, set to mature in 2031. To me, that loan size shows agency debt covering a meaningful share of the purchase, but not all of it.
Institutional Property Advisors brokered the sale. About 75 percent of the apartments have been renovated and adapted to current multifamily interior design trends.
Loan history for the property includes a $12.2 million permanent loan which Global Credit Union originated in 2024. Sitting on roughly 3 acres, it is close to I-5 Express Lane and Northgate Link light rail station, providing easy access to downtown Seattle some 8 miles south.
Ask your lender if your rents can carry that basis.