Seattle, WA, October 19, 2016 – A partnership between L5 Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired The Columbian Apartments for $5.82 million in Seattle, WA. The 40-unit property is located in Beacon Hill, an emerging neighborhood in the south central park area, less than three miles from downtown Seattle. The partnership is planning to add value to the property by modernizing both unit interiors and exterior areas in order to better meet the demand of local renters.
Built in 1965 and located at 1410 to 1414 S. Columbian Way, The Columbian is a community consisting entirely of large two-bedroom apartments. The units feature walk-in closets, private patios and views of the Olympic Peninsula. The property is well located, with excellent access to mass transit (the metro bus stop is in front of the property, and light rail is just minutes away) and is a short walk to Jefferson Park and the Jefferson Park Golf Course.
“The Columbian presented us with an ideal opportunity to take a well-located apartment community with significant maintenance and management issues and transform it into a coveted place to live,” said Michael Flaherty, founder and CEO of L5 Investments. “As the Seattle residential market tightens and job growth continues to strengthen, we firmly believe that once repositioned, this property will meet the desires of area renters seeking a high-quality apartment community.”
The partnership is planning on investing approximately $1.4 million to improve and modernize the property which includes a contemporary makeover of the leasing office and common areas. The unit interiors will be renovated with new appliances and finishes as well as the addition of a washer and dryer in each apartment.
Beacon Hill is one of Seattle’s oldest neighborhoods with home prices that have been rapidly appreciating in recent years. The neighborhood sits on a high ridge overlooking Seattle and Elliot Bay. Residents enjoy all the benefits of an urban setting with easy access to the 5 and 90 Interstates, an array of retail and dining options, and nearby employment centers.
Paul Harbor and Grandbridge Real Estate Capital arranged the debt on behalf of L5 and Shuler. Jason Elrod of EHI Real Estate Advisors brokered the transaction on behalf of both the buyer and the seller, a private investor.
In June 2016, L5 Investments and Shuler Architecture acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in SeaTac, WA for $2.6 million.
About L5 Investments
Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $165 million of assets under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management. With over 50 years of real estate experience, L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential. L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity. L5 is based in the Sacramento area. www.L5invest.com.
About Shuler Architecture
Shuler Architecture is a design and real estate investment company lead by president and founder, Mark Shuler. It is focused on the acquisition, renovation, and management of underperforming real estate assets throughout the Puget Sound and Southwest. The firm’s specialties include urban infill, single family, mixed-use/multifamily development and light commercial projects.