sold

Heartwood

“Best-in-Nation” property set a new pricing record for Seattle’s Eastside.

  • Proved uniqueness of property to create intense buyer competition.
  • Set benchmark pricing despite challenging capital market conditions.

Case Study

CHALLENGE:

Our Team was tasked with bringing Alexan Heartwood to market in the Spring of 2022. Despite improved market fundamentals post-COVID, we marketed the property at the exact timing of the largest interest rate hike in several decades, amidst a tidal change in buyer underwriting.

 

WHAT WE DID:

We developed a broad marketing campaign to build a massive buyer pool.  We focused on the property’s unique and desirable features, highlighting its location in a burgeoning suburb, large modern units, and best-in-class outdoor recreational activities.  As our campaign progressed, our marketing segmented buyers, creating individualized campaigns to each top buyer, maintaining momentum and competitiveness despite eroding capital markets.

 

RESULT:

Our broad marketing campaign produced 15 highly competitive offers from a buyer pool willing to overcome capital market challenges. After multiple rounds of bidding, we helped our client work with the most competitive buyer to craft a transaction at record pricing with an ultra-short timeline, 51 days from contract execution to closing. Despite the market volatility, the Heartwood sale set a new record for Seattle’s Eastside, beating market pricing by over 7% and a new benchmark price-per-unit of nearly $800,000/unit.

Site Details

Address
1150 10th Ave NE, Issaquah, WA
Units
135
Price
$103,750,000
Price per unit
$768,500

"Dylan, Matt, and the Kidder Team’s marketing of our property was fantastic. The Kidder team navigated a turbulent market environment and we are very pleased with the execution on the disposition.”

Mark H.

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