Suburban Seattle Property Trades for $51M

Trad Apartments. Image via Google Street View

Evergreen Point Development has closed the disposition of Trad, a 124-unit community in Shoreline, Wash. Green Leaf Capital Partners purchased the newly built property directly from its developer for $51 million, according to King County records.

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

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

The building is located on a 0.8-acre parcel at 17567 15th Ave. NE. Trad features studio, one- and two-bedroom apartments with floorplans between 534 and 1,136 square feet.

The five-story community has a rooftop deck equipped with a fireplace along with seating, grilling and dining areas, a fitness center, a community lounge and workspace and a two-level parking garage outfitted with EV charging stations.

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

Building up the area

There are six multifamily projects under construction within 3 miles of Trad, according to Yardi Matrix data, totaling 1,412 units. Half of the developments are fully affordable. 

In August, a joint venture including High Street Residential kicked off construction of Corner 63, 7 miles south in Seattle. The transit-oriented development will bring 139 units near the Roosevelt Link station.