Invest in a fully stabilized (97% occupancy) Core-Plus Multifamily housing community in Arlington, WA
The Villas at Portage Creek is a top performer in a high-growth submarket and features 109 garden-style units with desirable two- and three-bedroom floor plans (937–1,678 SF) that appeal to the area’s workforce and their families. The property is located less than 3 miles from the Cascade Industrial Center (CIC), a rapidly growing employment hub and home to Tesla, Blue Origin, and a new one million SF Amazon fulfillment center. The CIC is expected to support up to 20,000 family-wage jobs by 2040.
Investment Opportunity
Asset Purchase
Price: $33,750,000
Units: 109
Cap Rate: 6.08%
Interest Rate: 5.1%
Basis: 85% of Replacement Cost
Core-Plus Strategy
* 7+ Year Hold
* Long-term debt w/conservative leverage
* Deliver robust cash flow from operations to investors (paid quarterly)
Suburban Workforce Housing
* High demand product
* Undersupplied in the market
* Affordable for households making 80-120% of area medium income
Suburban Workforce Housing
* High demand product
* Undersupplied in the market
* Affordable for households making 70-120% of area medium income
Core-Plus Strategy
* 7+ Year Hold
* Low Risk/High Yield Investment
* Long-term debt w/conservative leverage
* Generate balanced returns over the hold period
* Deliver robust cash flow from operation to investors (paid quarterly)
* Drive strong appreciation over time to capture at sale
Capital Expenditures Plan
* Properly capitalized to reposition the asset to compete with top performers in the submarket.
* Complete unit interior renovation on all remaining two- and three-bedroom units as they turn to capture proven rent premium
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