Nordic Pointe

Investment Summary

3630 22nd Ave, Seattle


 

Projections

Target Investor IRR: 15%

Minimum Investment: $25,000

Target Equity Multiple: 2.0x

Target Investment Period: 3-5 years

Average cash-on-cash: 7%

Total Raise: $2.3 Million

 
 
 

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.