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Avia Apartments
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120-unit Apartment Community
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| Investment Highlights |
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| Avia (formerly “Scandia Apartments”) was an off-market acquisition opportunity that resulted from Trinity’s relationship with a broker active in the Snohomish County apartment investment market. Built in 1970, the property suffered from deferred maintenance (including galvanized pipes), poor unit interior condition, and poor amenity base. Rents were approximately 19% below market ($0.73 psf vs $0.90 psf market). The investment provided an opportunity to purchase an asset at an attractive cost basis ($56,000 per unit), invest targeted upgrade capital ($10,000 per unit), and bring rents to market levels. |
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| Trinity executed a repositioning strategy that included executing on a $1.2M capital upgrade program, including performing moderate unit upgrades, improvements to the clubhouse, fitness center, landscaping and lighting. Trinity also managed an extensive domestic water pipe replacement project, which included the replacement of galvanized domestic water lines. Rents were increased by 44% ($270 per apt. unit) over our 4-year hold period. Trinity sold the property to San Francisco-based Carmel Partners Investment Fund II for $12.4M ($103,000 per unit), producing an investor IRR of 26.4%. |
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Properties
