Capstone Closes Joyce Apartments in Desirable Seattle, WA Submarket

Joyce apartments picture with details of sold transaction

SEATTLE, WA—Capstone Companies has closed the $3,250,000 sale of the Joyce Apartments: a 10-unit apartment community located in Edmonds, WA. Edmonds is a highly desirable residential area just 15 miles north of Seattle, WA, and boasts views of the Olympic Mountains and Puget Sound as well as a vibrant downtown.

Capstone’s Evan McLeod and Chris Hardman sold the Joyce Apartments on March 17, 2023. Built in 1968, the apartments were 100% occupied at the time of sale. Capstone Companies was able to relieve the seller’s management responsibilities while increasing their cash flow by 40% through seller-carry financing. This enabled the sellers to retire while continuing to live off the income generated by the property. Meanwhile, the buyer plans to execute a significant value-add business plan on the building and bring the rents up to market.

“With the current market conditions, it has been increasingly difficult to structure deals to benefit both buyer and seller. The sellers can now retire while increasing their income and completely eliminating their management responsibilities. The buyer was able to pay an above market price due to favorable seller financed interest rate. This was a win-win for all parties,” according to Capstone Director, Chris Hardman.

The sale of this property is a testament to Capstone Companies’ expertise in the multi-family real estate market and their commitment to providing exceptional service to their clients.

Media Contact:

Desirée Rogers
Chief Marketing Officer

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