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June 6, 2002

Paragon Real Estate Advisors

Brokers for Paragon Real Estate Advisors of Seattle arranged the $1.7 million sale of a Wallingford apartment building and a $2.55 million sale of one in Issaquah. Russell Enterprises, represented by Paragon's Michael McQuaid and Peter Larsen, sold the 18-unit Wallingford Apartments at 3426 Wallingford Ave. N. to 3426 LLC, represented by Paragon's John Stoner. The price equals $94,444 per unit and a 7.02 percent current cap rate. This is the eighth transaction Paragon has handled for Russell, which was conducting a 1031 tax-deferring exchange that involved selling three properties to buy a larger one. In the other deal, J. Clark Johnson Real Estate LLC sold the 24-unit Morgan Manor at 595 Newport Way N.W. in downtown Issaquah to a local investor who was looking for a new Eastside property, Paragon said. Morgan Manor was built in 1999. Eric Smith and Peter Larsen of Paragon represented the seller. The price equals $106,458 per unit and a 7.72 percent current cap rate.




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