Ascona
Description
Built in 1910, this 57-unit Pioneer Square classic borders Seattle’s International District. The building had previously undergone significant renovations including copper plumbing, electrical, a new elevator, and torchdown roof. As of 2010, over $1 million was spent on unit renovations and common area improvements extending the building’s effective lifespan.
Outcome
During the acquisition process the team recognized that seismically retrofitting the building could lead to significant upside. They negotiated the underlying rent restrictions and implemented an aggressive plan. In Q2 of 2017, the building was fully earthquake retrofitted, the rents were stabilized, and a fast-paced market set the partnership up for an early exit.
Ascona
Seattle, WA
Value-Add
Multifamily 57 units
June 2014 – October 2017
