720 Arthur Apartments - Kennewick WA

2 Replies

Investment Info:

Large multi-family (5+ units) commercial investment investment in Kennewick.

Purchase price: $3,475,000
Cash invested: $1,290,000

40 Unit apartment complex in Kennewick, WA. Value add opportunity with great location.

What made you interested in investing in this type of deal?

The value add components and location.

How did you find this deal and how did you negotiate it?

This was listed through a local broker. We went under contract at $150k less than asking. After inspections we gained another $125k credit at closing due to condition.

How did you finance this deal?

Standard Freddie Mac loan.

How did you add value to the deal?

We are currently in the middle of complete interior renovations. This will continue until complete at the end of 2020.

What was the outcome?

We are on target and providing distributions quarterly to investors.

Thanks Doug! They are going well but man are they tough turns. Some of these units needed a complete gut job. Having said that, we planned for something like this in our underwriting so we are still providing returns to our investors as we stated in our offering. So greatful!

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