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MULTIFAMILY NEWS
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Seattle Res Property Acquired for $5.8 Mil as a Value-Add Opportunity

10/21/16

A partnership between L5 Investments and Seattle-based Shuler Architecture has acquired The Columbian Apartments, a 40-unit multifamily property in Seattle, for $5.82 mil ($145.5k/unit). The buyer is planning to add value to the property by modernizing both unit interiors and exterior areas in order to better meet the demand of local renters.

Built in 1965 and located at 1410 to 1414 S. Columbian Way, The Columbian Apartments is situated in Beacon Hill, an emerging neighborhood in the south central park area, less than three miles from downtown Seattle. It offers excellent access to mass transit (the metro bus stop is in front of the property, and light rail is just minutes away) and is a short walk to Jefferson Park and the Jefferson Park Golf Course.

The property consists entirely of large two-bedroom apartments. The units feature walk-in closets, private patios and views of the Olympic Peninsula.

“The Columbian presented us with an ideal opportunity to take a well-located apartment community with significant maintenance and management issues and transform it into a coveted place to live,” said Michael Flaherty, founder and CEO of L5 Investments. “As the Seattle residential market tightens and job growth continues to strengthen, we firmly believe that once repositioned, this property will meet the desires of area renters seeking a high-quality apartment community.”

The partnership is planning on investing approximately $1.4 mil to improve and modernize the property, including a contemporary makeover of the leasing office and common areas. The unit interiors will be renovated with new appliances and finishes as well as the addition of a washer and dryer in each apartment.

Jason Elrod of EHI Real Estate Advisors brokered the transaction on behalf of both the buyer and the seller, a private investor. Paul Harbor and Grandbridge Real Estate Capital arranged the debt on behalf of L5 and Shuler.







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