The new deals were for Lowman Apartments in Pioneer Square, purchased at $13,050,00 ($146,620 per unit) and Elikai Apartments in West Seattle, for $6,900,000 ($313,636 per unit).
“The Lowman acquisition represents a new market for Cadence, providing us with an opportunity to enter the affordable housing market and maintain the current affordable housing stock in the City of Seattle,” says Cadence Principal, Chris Garvin & Barrett Johnston about the deals. “The Elikai transaction is a more traditional investment for our company as a value add opportunity with significant upside. We have worked with the sellers off market, building on our prior relationship.”
Lowman Apartments is located at 107 Cherry St in Seattle and has 89 residential units over four retail spaces. Lowman Apartments is an affordable housing project, and Cadence’s first venture into this asset class in the Seattle market. Cadence Real Estate wants to help ensure that the affordable housing stock is maintained in Seattle. Currently they are addressing deferred maintenance at the property, planning to keep the project affordable long term. Cadence also plans to build out a fifth retail space along Cherry Street. The closing for this property is set for December 13.
Elikai Apartments at 5600 California Ave SW Seattle is 22 residential units over three commercial spaces. The building will be undergoing an exterior and interior renovation to address failing decks and significant deferred maintenance. In addition to these improvements, they will be updating the common area to bring in a modern aesthetic. Closing is expected to happen on December 18.
Cadence Real Estate is a premier property management company and real estate investor in the Northwest. Cadence offers a range of apartments throughout the city, and the greater Seattle area. Cadence focuses on apartment properties along with their subdivisions Cadence Builds and Cadence Real Estate Services, which offer construction and property management services respectively. Cadence offers multifamily construction services including full building remodels and seismic retrofits in Seattle. They aim to showcase to residents the beauty and vibrancy that is the city of Seattle.