Home Industry News 25-Unit Maple Leaf Residences in Seattle Sells for $6.05MM

25-Unit Maple Leaf Residences in Seattle Sells for $6.05MM

The Maple Leaf Residences, a 25 Unit apartment building in North Seattle has
sold for $6,050,000. The building is located at 2020 NE 89th St just West of Lake
City Way and across the street from the University Trailer Park which is being
demolished to build 87 new townhomes with parking for 138 vehicles.

The three-story wood frame building was built in 1990 and has a secured parking
garage with space for 25 vehicles and a laundry facility on each floor. The property
was not completely renovated but had substantial updates including hard surface
flooring in most units, a newer roof and recently replaced aluminum railings and
vinyl siding.

The property was sold by the John E. Milbauer Trust located out of California.
Maple Leaf Residences LLC was the purchaser, which is associated with local
investor Isamu Kawabori. Greg Wendelken of Coldwell Banker Bain represented
the seller. Jacob Odegard of Paragon Real Estate represented the Buyer. The
acquisition was financed by Boeing Employee’s Credit Union.