Type: 57 Unit Apartment Building
Acquired: June 2014
Sold: October 2017
Built in 1910, this 57-unit Pioneer Square classic borders Seattle’s International District. The building had previously undergone significant renovations including copper plumbing, electrical, a new elevator and torchdown roof. As of 2010, over $1 million was spent on unit renovations and common area improvements extending the building’s effective lifespan.
During the acquisition process the team recognized that seismically retrofitting the building could lead to significant upside. They negotiated the underlying rent restrictions and implemented an aggressive plan. In Q2 of 2017, the building was fully earthquake retrofitted, the rents were stabilized and a fast-paced market set the partnership up for an early exit.