We have purchased a 2015-constructed 40-unit apartment complex in Tacoma, WA.
The seller required a quick close and accepted our offer prior to engaging in the listing/marketing process. By meeting their time-frames, we were able to procure a price at a very substantial discount. In 19 years we’ve never seen the opportunity to purchase a newer asset that pencils like Legacy Ridge.
There is immediate upside in the project for both increased cash flow and equity appreciation.
Current management has not been effective in keeping up with market rents, and we were very surprised by how low rents were. There are several buildings close by built by the same developer with the same floor plans that are achieving rents $300/unit higher on average.
40 Units
size
December 2020
Purchase Date
TBD
Sale Date
In Progress
Hold Period
TBD
Equity Returned via Refinance
4.5 - 9.77%
Cash Flow
Achieving Your Vision
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Implementation
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