Seattle Apartment Building Trades for $10.7 Million in Off-Market Deal

JLL arranged acquisition financing through Freddie Mac as local investment group completes portfolio repositioning.

By the Family Office Real Estate Daily Desk·Monday, November 9, 2026·1 min read

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What were the sale price and financing terms for the 510 Place apartment building in Seattle?

JLL Capital Markets arranged the $10.732 million off-market sale and $6.7 million Freddie Mac acquisition financing of 510 Place, a 36-unit mid-rise multifamily community in Seattle's Queen Anne neighborhood. The seller, 510/520 Fourth West Properties LLC, a local investment group led by Kevin Chinn, is completing a 1031 exchange as part of a portfolio repositioning for the next generation. The property, built in 1990, was offered for sale for the first time.

Key facts

JLL Capital Markets arranged the $10.732 million sale of 510 Place, a 36-unit mid-rise multifamily community located at 510 4th Ave. W in Seattle's lower Queen Anne neighborhood.
JLL Capital Markets also arranged $6.7 million in acquisition financing for the buyer through Freddie Mac via JREC.
The seller, 510/520 Fourth West Properties LLC, is a longstanding local investment group led by Kevin Chinn who is strategically repositioning its portfolio for the next generation, according to JLL.
The buyer, 510 Apartments LLC, described as a longtime local investor, acquired the asset in an off-market transaction.
510 Place was built in 1990 and was offered for sale for the first time since its construction, according to JLL.
JLL Senior Director Casey Zejdlik said the team 'were able to navigate some market turbulence and position our client to complete another successful 1031 exchange.'

Seattle Apartment Building Trades for $10.7 Million in Off-Market Deal — Image: editorial illustration · Story sourced from jll.com

JLL Capital Markets arranged the $10.732 million sale of 510 Place, a 36-unit multifamily property in Seattle, and secured $6.7 million in acquisition financing for the buyer. The transaction closed off-market between two local investment groups.

510/520 Fourth West Properties LLC, led by Kevin Chinn, sold the asset as part of a portfolio repositioning for the next generation. The seller is completing a 1031 exchange. 510 Apartments LLC, a longtime local investor, purchased the property and obtained the financing through Freddie Mac via JREC.

The property sits at 510 4th Avenue West in lower Queen Anne, just north of downtown Seattle. It is within walking distance of shops, restaurants, grocery stores and a pedestrian bike bridge over Elliott Bay. The asset was built by the sellers in 1990 and offered for sale for the first time.

JLL's Seattle Private Capital and Middle Markets team, led by Senior Director Casey Zejdlik and Directors Michael Lyford and Reed Curtis, represented the seller. JLL's Debt Advisory team, led by Steve Petrie and Seth Heikkila, worked with the buyer on the financing.

"It was a pleasure working alongside both the buyer and seller in this transaction," said Zejdlik. "We were able to navigate some market turbulence and position our client to complete another successful 1031 exchange."

The property is described as well-maintained with unique floor plans. The asset is a mid-rise in a neighborhood known for its proximity to downtown Seattle.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The arithmetic is straightforward: $10.732 million for 36 units works out to roughly $298,000 per door. The buyer secured $6.7 million in financing, implying a 62 percent loan-to-value ratio and an equity cheque of just over $4 million. That modest leverage and off-market execution suggest the buyer priced in refinancing risk and avoided a bidding process that might have pushed the price higher.

For a family office considering small-lot multifamily in urban infill markets, this transaction shows two paths. The first is direct ownership of legacy assets from local sellers executing generational transitions or 1031 exchanges. These deals rarely see a marketing process, which means relationships with local brokers and a reputation for reliable closes matter more than underwriting speed. The second is patient capital deployed at modest leverage when a sponsor needs certainty of execution over the highest price.

The caution here is cap-rate expansion. A sub-$300,000 per-door basis in a transit-oriented Seattle neighborhood implies the buyer is underwriting to either current cash flow at a compressed return or a medium-term value-add plan. If Seattle rents flatten or if interest rates stay elevated through the next refinancing window, the exit may require a longer hold than the buyer modeled. That argues for testing sensitivity to a five-year exit instead of three, and for pricing in at least 100 basis points of cap-rate drift.

Questions this story answers

01What was the sale price and financing amount for 510 Place in Seattle?

JLL Capital Markets arranged the $10.732 million sale of 510 Place and separately secured $6.7 million in acquisition financing for the buyer through Freddie Mac via JREC. The 36-unit mid-rise multifamily property is located in Seattle's lower Queen Anne neighborhood.

02Who sold and who bought the 510 Place apartment building in Seattle?

510/520 Fourth West Properties LLC, a local investment group led by Kevin Chinn, sold the property. 510 Apartments LLC, described by JLL as a longtime local investor, purchased the asset in an off-market transaction.

03Is the seller of 510 Place doing a 1031 exchange?

Yes. According to JLL, 510/520 Fourth West Properties LLC is completing a 1031 exchange as part of a strategic portfolio repositioning for the next generation. JLL Senior Director Casey Zejdlik confirmed the transaction represented 'another successful 1031 exchange' for the client.

04Which JLL team members led the 510 Place transaction in Seattle?

JLL's Seattle Private Capital and Middle Markets team representing the seller was led by Senior Director Casey Zejdlik and Directors Michael Lyford and Reed Curtis. JLL's Debt Advisory team, led by Steve Petrie and Seth Heikkila, arranged the acquisition financing for the buyer.

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Original reporting

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