Anchors West
Description
Built in 1979 and cared for by the same family for nearly 30 years, Anchors West was ripe for repositioning and in need of fresh perspective. Casey and Jason executed an extensive property renovation and increased monthly income 32.9% in the first year and a half.
Outcome
Shortly after stabilizing the asset, the siding experienced water intrusion. Although not initially budgeted for, they were able to use existing cash flows, reserves from the initial renovation budget and a restructure of the underlying financing on the Seller carried note. This rectified the problem and gave the property a new look. No capital call was needed and rents continued to increase as the economy strengthened, which resulted in a successful marketing campaign and sale in early 2016.
Anchors West
Seattle, WA
Value-Add
Mixed-use 16 units
November 2008 – January 2016