Cadence Real Estate is continuing to dispose of multifamily properties in its Seattle portfolio. In June, the company sold off a 42-unit property in the Westlake neighborhood. Now, one month later, King County records show the Seattle-based investment and development firm is selling the Cavanaugh Apartments in the city’s Magnolia neighborhood.
According to public records, the property is located at 3539-3555 27th Place W. and was sold to a San Marino, Calif.-based entity affiliated with Magnolia APT. Investments LLC for $20.7 million, or $414,796 per unit.
Built in 1969, the Cavanaugh Apartments offer 50 one- and two-bedroom apartment units in a four story building. Apartments.com also indicates that units at the property range from 736 to 1,060 square feet, while ranging in price from $2,245 to $3,025 per month.
The apartment building also features various onsite amenities for tenants, including a bbq area and firepit, a fitness center, an off-leash dog park, storage units, covered parking and more.
Situated in the city’s Magnolia neighborhood, the property offers easy access to popular attractions, like the Ballard Locks and Discovery Park. The property is also adjacent to Magnolia Manor Park and within walking distance to many breweries and restaurants.
In June, the company traded its June on South Lake Apartments for $20.1 million, or about $478,571 per unit. The property, which is located at 1622 Aurora Avenue N. – was developed in 2021 and was sold to another San Marino, Claif.-based entity affiliated with June South Lake LLC.
Cadence Real Estate was founded in 2008 and specializes in the acquisition and development of multifamily properties throughout Seattle. Since its founding, the company has acquired over 40 multifamily projects along with a total transaction volume of more than $350 million.