Prime 15-Unit Capitol Hill Apartment Building Sold for $3.4M

Seattle, WA | March 27, 2023 – Lee & Associates Commercial Real Estate Services is pleased to announce the successful sale of 500 East Union, a 15-unit multifamily property located at the corner of E Union Street and Summit Avenue in Seattle’s vibrant Capitol Hill neighborhood.

The property was sold by 500 E Union LLC to HDG LP for $3,400,000, marking a strategic disposition following five years of ownership and repositioning. Originally acquired in 2018 for $2,150,000 as part of the AGM Real Estate portfolio, the building underwent significant capital improvements including renovations to both common areas and individual units timed with natural tenant turnover.

“COVID temporarily delayed our improvement timeline, but once we completed our repositioning strategy, it was the right moment to bring this well-located Capitol Hill asset to market,”
— Troy Gessel, Principal, Lee & Associates

The capital from the sale has since been reinvested into two new assets: a retail center in Bellevue’s Spring District and the Maltby Mobile Home Park, continuing AGM and Lee’s strategy of optimizing portfolios through smart timing and reinvestment.

Transaction Highlights

• Asset Type: 15-Unit Apartment Complex

• Location: Capitol Hill, Seattle – E Union St & Summit Ave

• Sale Price: $3,400,000

• Previous Acquisition Price: $2,150,000 (2018)

• Value-Add Strategy: Interior and common area renovations

• Disposition Timeline: 5 years

Why This Matters

This transaction exemplifies AGM Real Estate Group’s ability to identify value-add multifamily assets, execute renovation and repositioning strategies, and exit at optimal timing for maximum return. By leveraging AGM’s vertically integrated platform—including asset management, strategic advisory, and investment planning—ownership was able to:

• Realize significant appreciation in a short hold period

• Navigate delays (like COVID) while maintaining project ROI

• Reallocate gains into more scalable, income-producing assets through expert guidance

The proceeds were successfully transitioned into two new investments—a retail asset in Bellevue’s Spring District and the Maltby Mobile Home Park—demonstrating AGM’s strength in guiding investors through the full investment lifecycle, from acquisition to asset management to disposition and reinvestment.

Whether for individual investors or institutional partners, this case reinforces AGM’s commitment to delivering performance, flexibility, and long-term value in today’s evolving real estate environment.

About Lee & Associates | Pacific Northwest

Lee & Associates is a full-service commercial real estate firm offering a suite of brokerage, advisory, and construction services. Since its founding in 1979, the company has grown to over 60 offices throughout the United States and Canada, maintaining a strong presence in the Pacific Northwest. Our professionals work collaboratively across markets and disciplines to provide clients with cutting-edge market insight and proven results.

🔗 For more information, visit: lee-associates.com
📞 To explore sale or acquisition opportunities in Seattle multifamily or beyond, contact:

Troy Gessel
Principal, Lee & Associates
📧 troy@agmrealestate.com
📱 425.301.4422