Core/ Enhanced Core
- Issaquah, WA
Investment Dat: October 2019
Acquire a well-located Core asset on a non-listed basis at a substantial discount to market cap rates. Modify marketing efforts to focus on large unit floor plans with superior school district.
Implement professional leasing practices including yield optimization software.
Enhance dated unit interiors with hard surface counters, vinyl plank flooring, and a modern paint scheme.
Improve underutilized amenity spaces.
Purchase Price $125,750,000
Price per Unit: $421,980
Price per Foot: $427
In-place Average Rent (PPU / PPSF) $2,097 / $2.12
Market Average Rent (PPU / PPSF) $2,251 / $2.28
Hold Period 3 Years
Levered IRR 15.89%