Project summary
Meydenbauer Partners successfully secured a contract with our esteemed partners, Nordic Partners Investments (NPI), for the acquisition of Magnolia Pointe, a flourishing 21-unit apartment community nestled in the highly sought-after Magnolia neighborhood of Seattle.
This Class A asset comes with two distinctive advantages – it’s already cash-flowing well, and an off-market acquisition at a $1.4 million discount. NPI’s proven strategy, honed over time, involves assuming control of property management, optimizing back-office systems, and fine tuning expenses. Additionally, we plan to adjust rents in line with local demand, foreseeing a substantial boost in the property's net income, approximately $40,000 annually..
Property profile
Acquired towards the peak of the market cycle in 2020, the sellers invested over $6.8 million in this property. Their focus has now shifted towards a substantial upleg investment venture in California, requiring the divestiture of multiple assets to fund it, including this one. This decision presents a unique opportunity to acquire a fully renovated, turn-key asset from the 1990s at a substantial discount. This investment is poised to yield favorable returns over a five-year horizon as market conditions improve. During this period, the asset also promises to deliver outstanding cash-on-cash returns.
Core Seattle Location - Coveted Magnolia Neighborhood
Ideal Commuter Unit Mix - Large 1bd & Med 1bd
Washers And Dryers In All Units
All Units Have Been fully renovated With Stainless Steel Appliances
All Windows Have Been Updated
Building is in Pristine Condition for Age
4 Miles from Downtown
16 Private Parking Spaces
72 Walking Score - Close to Expedia Campus
Secure parking garage
Executive Summary
Why Magnolia
Located northwest of downtown Seattle, Magnolia is a tranquil, suburban neighborhood that features some of the most stunning real estate in the city. With incredible views of the water on all sides, plentiful parks, and top-notch amenities, this neighborhood is one of Seattle's best places to live.