Cadence Buys Seattle Community for $29M
The property previously traded 30 years ago.
Cadence Real Estate has picked up The Court at Northgate, a 132-unit, transit-oriented community in Seattle. Institutional Property Advisors brokered the sale.
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.
The property previously traded thirty years ago between two private individuals for $6.3 million, or $47,727 per unit, according to Yardi Matrix information. Loan history for The Court at Northgate includes a $12.2 million permanent loan which Global Credit Union originated in 2024.
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The community opened in 1978 at 11300 3rd Ave. NE. 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. Retail options Target and Best Buy, as well as The District at Northgate shopping mall, are within walking distance.
The three-story The Court at Northgate comprises studio, one- and two-bedroom units spanning from 460 to 850 square feet. About 75 percent of the apartments have been renovated and adapted to current multifamily interior design trends. Walk-in closets, private balconies or patios are available in most units, while select apartments also feature dens.
The pet-friendly community encompasses a courtyard, clubhouse, game room, swimming pool, covered barbeque area and dog park. It also comprises three laundry facilities and parking.
Institutional Property Advisors Executive Managing Directors Philip Assouad and Giovanni Napoli, Senior Directors Ryan Harmon and Anthony Palladino and Director Nick Ruggiero, alongside Marcus & Millichap Director Jake Morse, represented the seller and procured the buyer.
Seattle multifamily sales drop year-over-year
Emerald City’s multifamily transaction volume in the first three quarters of this year clocked in at $2.4 billion from the 51 properties totaling 7,870 units that changed hands, according to Yardi Matrix data. This figure is considerably lower than the $3.6 billion registered during the same period last year, when 70 assets comprising 13,050 apartments were sold.
The average price per unit also dropped year-over-year, from $337,483 to $306,945. In North Seattle, only two communities traded year-to-date as of September, namely the 235-unit Baldwyn and the 61-unit Park 3025.
