Suburban Seattle Property Trades for $51M

1 min read

The developer sold the newly built, 124-unit community only months after completion.

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.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.