The Seattle Multifamily Investment Sales team at Northmarq, consisting of Casey Zejdlik, Matt Johnston, and Taylor Wyman, successfully brokered the sale of Brooklyn Avenue Apartments for $9.05 million. This 37-unit property was constructed in 2016 and is situated at 5216 Brooklyn Ave. NE in Seattle.
IFO & Associates LLC, a private investor based in Seattle seeking to invest funds from a 1033 exchange, was represented by Northmarq as the buyer. The seller was J-Pan Investment LLC,a China-based private investor looking to divest from the Seattle market.
According to Johnston,”Our team’s goal was to assist a family referred by one of our repeat clients with investing their equity into a multifamily property.” He added that “the buyer collaborated with us on developing an effective business plan for stabilizing the asset and maximizing NOI during the seller-financing period.”
Brooklyn Avenue Apartments offers studio and one-bedroom apartment homes within walking distance of University District Light Rail Station and less than five minutes away from University of Washington campus.The transaction marks another successful deal arranged by Northmarq’s experienced team.
