Suburban Seattle Property Trades for $51M

Trad apartments. Image via Google Street View

Evergreen Point Development has completed the sale of Trad, a 124-unit community in Shoreline, Washington. Green Leaf Capital Partners bought the newly built property directly from its developer for $ 51 million, according to King County.

The buyer financed the acquisition with a two-year financing package of $ 30.6 million launched by Benefit Street Partners.

The property opened its doors in April. The developer broke ground in late 2019 and financed the project with a $ 27 million construction loan from the Washington Federal Bank, as Yardi Matrix shows. Caron Architecture designed the project, which incorporates a number of Scandinavian influences – even the name of the community comes from the Swedish word for tree.

The building is on 3 acres at 17567 15th Ave. NE. Trad offers studio, one and two-room apartments with floor plans between 534 and 1,136 square meters.

The five-storey community has a roof terrace with a fireplace, seating, barbecue and dining areas, a fitness center, a communal lounge and a workplace, as well as a two-storey parking garage with charging stations for electric vehicles.

Trad is within walking distance of several shopping and dining options, and one mile from Hamlin Park and Interstate 5. Downtown Seattle is 12 miles south.

Build the area

According to Yardi Matrix data, there are six multi-family projects under construction within 3 miles of Trad for a total of 1,412 units. Half of the developments are fully affordable.

In August, a joint venture with High Street Residential began construction on Corner 63, 7 miles south in Seattle. The traffic-oriented development will bring 139 units near Roosevelt Link station.

https://www.multihousingnews.com/post/suburban-seattle-property-trades-for-51m/