Essex House Apartments

About This Property

Upon our first viewing of the Essex House Apartments in the Admiral Junction neighborhood of West Seattle in Q3 2012, the added-value potential screamed so loudly that we made a non-contingent offer with non-refundable earnest money immediately. This classic brick apartment building was perfect for our “Plus One” business model. The floor plan layouts provided us with the value-add opportunity of creating second bedroom additions within every unit. We were also able to expand the one existing lower apartment and add an additional unit within the envelope of the existing structure. With an all-in total project cost of $1,751,885, investors are reaping the benefits of its current valuation of $2,595,000. The investor IRR to date is 38.08% and over 31% of original investment capital has already been returned. This has all been achieved in just two years of ownership, and we can look forward to enjoying the benefits of positive cash flow distributions for years to come.