Bella Marie Apartments

About This Property

In late Q2 2014 we purchased the Bella Marie Apartments in Seattle’s exclusive Phinney Ridge neighborhood. It was another example of how Plus One Capital can identify opportunities and then be very decisive in acquiring the asset. This property represents the opportunity to add one apartment unit within the current building envelope,complete light remodels to the existing apartments, and restructure the lease with the sole commercial tenant. These updates will create significant value. Our projected all-in cost for the project is $1,724,350 and the completed value is expected to be $2,115,000. The anticipated stabilized cash on cash to the investor is projected to average 7.91%. We will achieve stabilization with this project much quicker than most buildings we rehabilitate due to the significantly less amount of improvements required. Therefore, we are targeting a stabilization of this asset in early Q1 2015.