November 1, 2021
124 Shoreline units, just delivered, sell for $51M
Real Estate Editor
The project was Evergreen Point’s first in Shoreline, with a second to follow.
Imagine an umlaut on the lower-case a: The new TRaD, at 17567 15th Ave NE in Shoreline, has sold for over $50.7 million. King County recorded the sale last week.
The seller was Evergreen Point Redmond LLC, associated with local firm Evergreen Point Group, which acquired the land in 2017 for $1.3 million, then developed it.
The buyer was Green Leaf Shoreline LLC, which is associated with Green Leaf Capital Partners of California. Public records indicate a $30.6 million loan from Benefit Street Partners Realty Trust.
Brokers were not announced. The deal was worth about $409,290 per unit. The leasing status and rents are unknown; the old marketing website disappeared about the same time as the sale — so management may be changing.
The five-story building opened in May. Caron Architecture designed the the 124-unit project, which Exxel Pacific built. The team also included Malsam Tsang Structural Engineering; KPFF, civil; GHA Landscape Architects; and BEE, envelope.
Trad has two levels of mostly underground parking with 107 stalls. No commercial space is included. There is a gym and rooftop deck. Caron lists the size above grade at 180,000 square feet.
The contractor says the project replaced old buildings including a gas station, and that soil remediation was required. The site is east of Interstate 5, on a commercial strip of 15th that has a Safeway and other retail within walking distance. Some might call that neighborhood North City; it’s close to Lake Forest Park.
The seller says that trad — again, with an umlaut — is the Swedish word for tree. Its prior projects have included the fairly recent 154-unit Cerasa in downtown Bellevue; and the older 80-unit Park Metro, also in Bellevue.
Evergreen has also taken a $4 million, 1-acre land position just west of Interstate 5 and the future Shoreline South/148th Station. There, it’s planning The Line, with 238 units. The light rail station will open in 2024, on the line north to Lynnwood. (Update: Tiscareno Associates is the architect.)
Green Leaf has previously owned but mostly sold multifamily properties in our state. It still lists the 167-unit Green Leaf Uptown down south in Vancouver. The private investor has multifamily properties in nine states, has done $1 billion in deals (including dispositions) and says it focuses on Class A and B suburban apartments.
Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.