Cadence Real Estate Purchased Seattle Apartment Complex
The 132-unit Court at Northgate complex has been acquired for $29 million, marking a major local multifamily deal.
Updated on Oct. 14, 2026 in Commercial
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Cadence Real Estate has completed the purchase of The Court at Northgate, a 132-unit apartment community, for $29 million. The property was financed in part through an $18.9 million Freddie Mac loan.
Why it matters
The sale highlights ongoing movement in the local rental market, where total multifamily transaction volume reached $2.4 billion during the first three quarters of 2026. This acquisition follows a significant period of ownership for the 3-acre community, which last traded three decades ago.
The 3-acre property at 11300 3rd Ave. NE features 132 units, approximately 75 percent of which have been renovated. The acquisition includes an $18.9 million loan maturing in 2031.
The players
Cadence Real Estate
An investment firm that manages and acquires residential apartment communities.
Freddie Mac
A government-sponsored enterprise that provides liquidity and stability to the U.S. housing market by backing multifamily loans.
M&T Realty Capital Corp
A financial services provider specializing in commercial real estate lending and loan servicing.
Institutional Property Advisors
A real estate brokerage division focused on institutional-grade multifamily investment sales.
Marcus & Millichap
A national commercial real estate brokerage firm facilitating investments in apartments and retail properties.
The details
Institutional Property Advisors and Marcus & Millichap facilitated the sale of the residential community, which originally opened in 1978. The deal leverages financing provided by M&T Realty Capital Corp. This transaction adds to the 7,870 units that have changed hands across the city through the third quarter of 2026.
Timeline
1978: The Court at Northgate community first opened.
1996: The property previously traded for a reported $6.3 million.
2024: Global Credit Union originated a $12.2 million loan for the site.
2026 Q1-Q3: Seattle multifamily transaction volume totaled $2.4 billion.
2031: The new $18.9 million Freddie Mac loan is scheduled to mature.
The Home Front
This acquisition occurs as the Seattle multifamily market sees a shift in valuations, with the average price per unit falling to $306,945 compared to $337,483 last year. The deal underscores the continued institutional appetite for older assets that can be modernized.
Residents of large apartment communities should review their lease documents to understand how changes in building ownership impact management protocols. Tenants should also confirm their current contact information with property management to ensure they receive timely updates on site improvements.
The takeaway
Large-scale property transfers often signal future capital improvements that may affect ongoing building operations. Tenants in newly acquired buildings should keep a record of all current management contacts and maintenance request processes for their own files.
Further reading
For more information on market trends, visit our Commercial section.
Source note: This article includes information reported by 301 Moved Permanently.
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