RECENT TRANSACTIONS

Verse Seattle

VERSE SEATTLE: Find your urban rhythm

Value-Add Small Property
Location: Seattle, WA
Year Built: 2004
Units: 90
Acquired: August 2014

Investment Highlights:
- Acquire Value Add, high quality 2004 built podium asset that is currently encumbered by an unfavorable loan and a       ground lease.
- Successful purchase of the 3rd party ground lease to achieve fee simple title (cap rates reflect purchase).
- Strategy is to sanitize the asset by removing the leasing encumbrances and adding additional units.
- The Property is located in the Pratt Park neighborhood of Seattle’s Central District, a rapidly gentrifying sub-market.

 

Terra Concord Pool

TERRA CONCORD: An extraordinary place to call home

Value-Add Large
Location: Concord, CA
Year Built: 1970
Units: 218
Acquired: June 2015

Investment highlights:
- Acquire Value Add 1970 asset in Concord, located less than one mile from the Concord BART Station which provides   access to 44 destinations such as Walnut Creek, Oakland and San Francisco.
- Acquisition sourced on an off-market basis.
- Terra Concord is one of the few assets in the area with institutional level amenities.
- Forecast to benefit from approximately 4.4% rent growth as project by MMC Research over the Hold Period.

 

 Sofi Irvine

SOFI IRVINE: Business District Irvine Apartments

Pre-2000 Core
Location: Irvine, CA
Year Built: 1988
Units: 403
Acquired: January 2015

Investment highlights:
- Acquire pre-2000 core, clean/functional Class B multifamily community in Irvine, CA - 15th largest city in California.
- Significant institutional, multifamily ownership within submarket - EQR, ESS, MetLife, PREI, AVB, Heitman.
- Location provides a superior marketing window with approximately 69,000 cars per day.
- Strong demographics - median income $82,600.
- Community provides full amenities and functional floor plans.