“Trinity Real Estate is the ultimate investment partner. They listened to our needs, executed our vision, and delivered exceptional results. Their integrity and seasoned approach to real estate investing make them an outstanding partner.”
“Trinity Real Estate is the ultimate investment partner. They listened to our needs, executed our vision, and delivered exceptional results. Their integrity and seasoned approach to real estate investing make them an outstanding partner.”
BACKGROUND
West Fork Capital (WFC) a family-owned business that had extensive timber holdings for over a century, transformed its strategy in 2010 by selling its timberland holdings and moving towards a diversified investment strategy across various asset classes, including stocks, bonds, hedge funds, private equity, and real estate funds.
Despite their diversified approach, WFC identified a gap: They wanted a portion of their portfolio in directly held real estate investments to leverage the tax benefits and achieve greater control over asset performance.
STRATEGY DEVELOPMENT
In 2017, Trinity Real Estate (TRE) collaborated with WFC to design a long-term direct real estate investment strategy. The focus was to complement WFC’s existing holdings by acquiring assets in prime locations with modest value-add potential. This strategy laid the foundation for a strong partnership, culminating in three successful investments to date.
WHAT TRINITY DID
KIRKLAND LAKE BUILDING ACQUISITION (2019)
TRE’s first investment with WFC was the acquisition of the Kirkland Lake Building, which has a prime location in downtown Kirkland, WA. Recognized for its proximity to tech firms such as Google and its lakefront location, TRE believed that the Kirkland market offered exceptional growth potential.
TRE implemented a modest renovation to elevate the building’s quality to “jewel box” status, enhancing its appeal to tenants. Despite navigating challenges posed by the COVID-19 pandemic, Trinity successfully attracted a high-quality tenant roster and increased rents by over 90%, showcasing the strength of its value-add strategy.
ALKI APARTMENT PROJECT (2022)
For the second collaboration, TRE and WFC teamed to acquire an apartment complex in the Alki neighborhood of West Seattle, an area within the Seattle metro area known for its beachfront, vibrant shops, and restaurants. Despite the area’s popularity, the neighborhood lacked high-quality apartment options. TRE’s business plan was to tap into this pent-up demand and transform the property with high-grade finishes befitting its beachfront proximity.
TRE executed a comprehensive interior and exterior renovation, repositioning the property as one of the top-tier residential assets in the neighborhood and renaming the project “Marram”. The results were remarkable with a waitlist before completion of the project and rents exceeding expectations.
QUEEN ANNE MULTIFAMILY PROJECT (2024)
WFC participated as an anchor investor in TRE’s initial investment in its Co-Investment Program, which was a $20M acquisition in the lower Queen Anne area of Seattle. Trinity’s Co-Investment program is designed for family and family office investors to acquire high quality multifamily projects ranging $20M to $50M. The property was acquired at a significant discount to replacement cost, setting the stage for strong long-term risk adjusted returns. In addition to participating as an investor in the project, WFC leveraged its extensive network and assisted TRE in its capital raising efforts, further underscoring the strength of the partnership.
SERVICES WE PROVIDED: