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JLL, as an exclusive advisor, is pleased to present the opportunity to acquire a 1988-built, blank slate, value-add apartment community with upside potential in the North Seattle MSA. Pinehurst West (the “Property”) is comprised of 18 units situated in the high-growth submarket of Northgate.
With only three units renovated to the current owner’s “high-end” scope, Pinehurst West presents the potential investor with the opportunity to implement a comprehensive luxury-grade interior renovation program as well as take advantage of the strong submarket fundamentals. Furthermore, the current ownership has recently completed capital expenditures that include new siding, updated rooftop deck, and complete roof replacement. With an annualized year-over-year rent growth of 3.3% and an average vacancy of 4.0% since 2015, the Northgate submarket’s compressed vacancy and minimal construction pipeline will act as a catalyst for continued rent growth in the near future.
The Property is located adjacent to Interstate 5 affording residents outstanding access to both local employers and rapidly expanding tech companies within South Lake Union and Fremont. Northgate Mall, the area’s most popular retail destination is right down the road with expansion plans to include over 900K of office space and 129K of additional retail. Located only a couple minutes away from two light rail stations, 130th station and Northgate station, Pinehurst West’s residents benefit from quick access to Seattle’s most prominent employers.
Positioned in a submarket with outstanding demographics, continued in-migration, and unparalleled affordability, Pinehurst West is expected to benefit from the rising cost of home prices, an increasing propensity to rent, and residents’ willingness to pay outsized rent premiums for renovated units.
- Blank-slate, value-add investment opportunity
- Superb submarket fundamentals
- Close-in proximity to Seattle’s most prominent employers
- Outstanding accessibility to the submarket’s largest attractions