Owned by a Canadian family, the property had remained largely unchanged since its original construction in 1969. Poorly managed, the property had systemic vacancy, failing plumbing, and poor curb-appeal. In 2004, Trinity met the owners in Vancouver BC and acquired the asset. They immediately started transforming the property, making it desirable to tenants and investors alike.
WHAT WE DID
The transformation included an updated exterior color scheme, and a remodeled clubhouse with new leasing office, meeting area with kitchenette, and theater room. New plumbing was installed throughout the project, along with washer/dryer units in each of the apartments, allowing for a further rent increase. New covered parking was added to help battle the rainy Western Washington seasons. All this added up to improved rents and occupancy and lower unit turnover.
Through professional management, the property quickly enjoyed occupancy gains above 95%, and significantly higher rents. Within 16 months, all the repositioning work was completed, and three years after acquisition the 140 unit property was sold to an investment company at a strong profit.
SERVICES WE PROVIDED:
THE DEFINITION OF HISTORIC RENOVATION
How to restore a Tudor gem to its former luster? Work with the city and the neighborhood to create 39 energy-efficient apartments, resolve environmental issues, and secure historic-landmark designation.
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.