Kidder Mathews has arranged the $17,500,000 sale of 101 Broadway, a 44-unit mixed-use apartment community located at 840 E Denny Way in Seattle’s Capitol Hill neighborhood. The price equates to $397,727 per unit and $592 per square foot. Matt Johnston, Dylan Simon, and Jerrid Anderson of the firm’s Simon | Anderson Multifamily Team represented the seller, Cairn West.
The team ran an expansive marketing campaign that included more than 15,000 emails and over 200 investor phone calls. Marketing emphasized the opportunity for a buyer to sidestep the challenging rate environment by assuming the property’s attractive existing loan, along with emphasizing strong fundamentals, including net operating income that had trended up substantially over the trailing 12 months.
The campaign generated 16 property tours with qualified buyers, which resulted in six competitive offers and two rounds of bidding. Kidder Mathews then navigated a successful loan assumption and coordinated closing timelines so the buyer could complete a 1031 exchange, and the seller could exit at a competitive price point.
“Rising interest rates have made buyers more cautious, but the demand for modern, quality-built assets in core Seattle neighborhoods remains,” said Johnston. “By partnering with our client early to focus on proving out strong financial trends, while focusing on superior asset quality and the value of the assumable loan, we created real competition and delivered a strong result for our client.”
About the Simon | Anderson Multifamily Team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 15 brokerage professionals specializes in the sale and purchasing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Nevada, Arizona, and Texas. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages 55 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
