January 31, 2008
FOR IMMEDIATE RELEASE
26-unit in North Seattle had to sell twice to close once
January 31, 2008: McQuaid Commercial just closed the sale of the Northwind Apartments, a 26-unit apartment building built in 1978 located on 146th Ave NE.
The sellers, Eric and Marilyn Lindahl, had owned the building since buying it for $1,500,000 in 1997 and had grown tired of operating apartments. When first contacted by Nick Mayer, a McQuaid Agent, the sellers told Nick they had an offer for $2,300,000 that they found compelling. Nick suggested that McQuaid take a look at the property quickly to see if they may be under-selling. After analyzing the income and property condition Mayer determined that through proper marketing and representation he could obtain a price at least $200,000 higher so the sellers hired McQuaid Commercial to represent them.
Within three weeks a buyer was found. Within three weeks a buyer was found. However, after removing all contingencies the buyer had to terminate the sale of their building, which was to be the funding source for their purchase of the Northwind. After re-marketing the property for another two weeks another buyer was found who proceeded to close at a price $300,000 higher than the sellers were initially expecting. Needless to say, the sellers are extremely pleased with the outcome.
The buyer, Rebecca Brindle, saw tremendous upside potential in this building as it had been very passively managed and maintained. She had sold another property and purchased this one through an exchange. She obtained favorable financing that allowed her to complete a rehab of the building and still secure today’s attractive interest rates for apartment building loans. Dawn Jones of Investors Real Estate Capital was the loan broker.
In the end, the sellers netted nearly $300,000 more than they likely would have had they not taken the call from the agent at McQuaid.
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