Blueprint was charged with the mission of maximizing value for a NNN-leased asset operated by a local non-profit organization. The offering was uniquely positioned as an opportunity to acquire valuable underlying real estate subject to a NNN lease. Blueprint strategically promoted the community’s sound operational performance and lease coverage to showcase sustainable returns. Leveraging the high-density location just north of downtown Seattle that boasts attractive and growing senior demographics, Blueprint generated an incredibly competitive market for the offering. Blueprint utilized the auction-like environment to create leverage for its client to maximize value as well as execution certainty and transaction terms.
The buyer selected, a Seattle-based commercial real estate firm focused largely on the multifamily asset class, was attracted to the investment’s returns and, moreover, the exceptional location.
The purchase price was $24,500,000, or approximately $236,000 per unit. The transaction equates to a 6.90% yield on current rent.
Ben Firestone and Michael Segal executed the transaction with the assistance of Mike Mooney, who covers the Pacific Northwest region for the firm.