Cadence Real Estate Acquired Seattle Apartment Complex

The firm purchased The Court at Northgate for $29 million, securing a loan through M&T Realty Capital Corp.

Updated on Oct. 14, 2026 in Commercial

Cadence Real Estate Acquired Seattle Apartment Complex

Live Poll

Do you think now is a good time to invest in local real estate?

Cadence Real Estate has finalized the purchase of The Court at Northgate, a 132-unit residential community in Seattle, for $29 million. The acquisition was supported by an $18.9 million Freddie Mac loan provided by M&T Realty Capital Corp.

Why it matters

This transaction reflects the ongoing activity in the local multifamily market, which has seen significant deal volume during the first three quarters of the year. The sale highlights investor appetite for established residential communities as Seattle property values and transaction metrics fluctuate.

The 3-acre property at 11300 3rd Ave. NE features 132 units, approximately 75 percent of which have been renovated. Seattle multifamily transaction volume reached $2.4 billion in the first three quarters of 2026.

The players

Cadence Real Estate

This investment firm acted as the buyer for the residential community.

M&T Realty Capital Corp

This financial institution provided the $18.9 million Freddie Mac loan used to finance the purchase.

Global Credit Union

This organization originated a $12.2 million loan for the property in 2024.

Institutional Property Advisors

This brokerage firm represented the seller and assisted in procuring the buyer for the transaction.

Marcus & Millichap

This national commercial real estate brokerage firm helped facilitate the sale of the residential complex.

The details

Institutional Property Advisors and Marcus & Millichap managed the deal, representing the seller and procuring Cadence Real Estate as the buyer. The newly secured Freddie Mac loan is scheduled to mature in 2031, following a $12.2 million loan origination from Global Credit Union in 2024.

1978: The Court at Northgate community first opened.
1996: The property previously traded for $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 $18.9 million Freddie Mac loan matures.

Culture Shift

The acquisition contributes to the broader trend of changing ownership for established Seattle residential properties. It marks a significant capital event within the city's $2.4 billion multifamily transaction environment observed through the third quarter of 2026.

Residents of the property may experience changes in management or community oversight following the ownership transition. The renovations to 75 percent of the units suggest an ongoing focus on maintaining the competitive status of the complex within the local market.

The takeaway

The sale of a property that last traded decades ago highlights how long-term assets are currently being repositioned in the Seattle market. Investors remain focused on value-add opportunities involving partially renovated units as they navigate shifting per-unit pricing benchmarks.