Multifamily Investment Partners leveraged its relationship and acquired this 145-unit mid-rise property off market at a favorable price. Prior owners was forced to sell the building when the loan came due and owners were not willing to fund the loan pay down. Prior the acquisition, the property had recieved $4.3MM in renovation upgrading common areas, unit interiors as well as replacing plumbing and electrical systems. Through professional management team and upswing in rental market, the in-placed rents has increased by over 15% and the property is able to produce over 10% cash-on-cash return.

City
Seattle, Washington
Units
145
Renovation Budget
$950k ($6,551 / unit)
Debt Partner

Freddie Mac

Equity Partner

Wilson Investment Associates, Individual Private Investors