Capstone Companies has closed the $3.25 million sale of Joyce Apartments, a 10-unit multifamily community in the Seattle submarket of Edmonds, WA. According to Capstone, the development is located in a highly desirable residential area with views of the Olympic Mountains and Puget Sound, and is situated just 1.5 miles from the vibrant downtown area.

Located at 1055 196th St. SW, the 55-year-old Joyce Apartments were 100% occupied at the time of sale. The undisclosed buyer plans to execute a significant value-add business plan on the building and bring the rents up to market.

Capstone’s Evan McLeod and Chris Hardman arranged the transaction. “With the current market conditions, it has been increasingly difficult to structure deals to benefit both buyer and seller,” said Hardman. “The sellers can now retire and the buyer was able to pay an above market price due to favorable seller financed interest rate. It was a win-win for all parties.”