THE SITUATION
Anhalt was a 21-unit, 1930s Tudor-style apartment building that for nearly five decades had been used as office space by nearby Group Health Cooperative. The once-handsome property included a dilapidated parking garage and came with several environmental issues, including an underground fuel storage tank. When it came up for bid, we won the property at a price of 3.1 million, in part because of our relationship with the broker and seller, who were aware of our record of success in renovating similar projects.
WHAT WE DID
Believing that a small addition was vital to maximizing both urban density and the property’s value, we worked with the neighborhood and the city to arrive at an agreement enabling us to add 15 more units in exchange for committing to a strict level of energy efficiency. We also worked with the Landmarks Preservation Board to develop a design enabling us to preserve the building’s façade and earn placement on the U.S. Registry for Historic Places. Doing so made the project eligible for a 20 percent tax credit worth more than $1 million.
THE OUTCOME
This project provided a substantial gain for investors leasing quickly with rents at 20% above our pro-forma projections. And this project is more than just numbers, receiving the Preserving Neighborhood Character Award from Historic Seattle, and a finalist for NAIOP Seattle’s Renovation of the Year.
SERVICES WE PROVIDED:
FROM EYE-SORE TO FAMILY ASSET
Professional management and a little elbow grease turned an eye-sore
into a thriving community...and an outstanding investment.
A SEATTLE SUCCESS STORY
A hardworking local family turned a modest real estate investment into a thriving business. When skyrocketing property values dramatically increased the value of their land, they needed the right experts to help them make the right move.
MOVING FORWARD - TOGETHER
To meet its ambitious goal of building wealth for the next generation, one Seattle-area family office wanted best-in-class real estate guidance combined with a personal touch. We supplied a tailor-made portfolio strategy, systems for bringing it to life, and a ready ear on the other end of the phone.
A VETERAN INVESTOR MAKES US THEIR PARTNER
A Seattle venture capitalist bet he could get national-level real estate expertise in his own back yard. Three thriving acquisitions later, we’ve proven him right.
