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Lakehouse Apartments

Lakehouse Apartments

About This Property

We acquired this rare 7 unit waterfront apartment building in Q3 2013 as an exclusive off market opportunity through Seneca Ventures, a local off-market acquisitions firm. The building has been in the development process since then. Highlights of the redevelopment plan of this building include: removing the pitched roof and replacing it with a flat roof to create additional square footage, adding one additional top floor unit, replacement of the decks and siding, replacement of the plumbing and electrical systems, installation of washer/dryers within each unit, complete updating of the finish work including new kitchens and bathrooms, and new windows. We offered and closed on the purchaseof the building in a total
of 20 days with the Seller carrying the loan for us on a longer-term basis at favorable terms. We issued a Private Placement Memorandum (PPM) in Q2 2014, and it was nearly fully subscribed within three days. Construction is expected to commence in the Spring of 2015. We anticipate an all-in cost of $2,661,500 and project the finished product to appraise for over $3,700,000. With 8 brand new waterfront apartments featuring modern amenities, parking, and 4 large moorage slips for additional income, The Lakehouse represents a rare opportunity to own a prime piece of Lake Union in downtown Seattle!

Listing Detail
  • Portfolio Property:
  • 3314 Fuhrman Ave. E. Eastlake
  • 7 Units:
  • All-in project cost:
  • $2,661,500
  • Est. current value:
  • $4,000,000
  • Owned:
  • 7 years

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