2237 Apartments

A marble crete master class in optimization

About this Project

Built in 1965 in the heart of Ballard, 2237 Apartments had all of the characteristics of a multifamily building of 60’s era design and construction. Generously sized units, underutilized parking/storage/utility areas, dated interior finishes, and of course, marble crete panels wrapping the exterior provided plenty of opportunity for value add construction.

The WPG construction team began feasibility and planning work in early 2016 with construction beginning in the summer of that year. The team redesigned the lower level of the building by relocating party walls, restructuring load points, and reconfiguring floor plans. In doing so, they were able to create 1100 sq. ft. of apartment space from former storage and carport space.

The building moved from a 6 unit @ 4154 rentable square feet to a 7 unit at 5229 rentable square feet. Sleek, contemporary interior finishes and a significant investment in exterior finishes and landscaping enabled this property to realize its full potential.

The Details

  • Date of acquisition: December 2015
  • Acquisition Price: $1,505,000

  • Date of acquisition: December 2015

  • Acquisition Price: $1,505,000

  • Renovation Costs: $500,000 (EST)

  • Renovation Complete: June 2017

  • Current Value: $3,425,000

  • Investment Type: Long term Owner Investment

  • Incremental Value / Total Deal Costs:  41.6%

  • Incremental Value / Equity:  198.7% $500,000 (EST)

  • Renovation Complete: June 2017

  • Current Value: $3,425,000

  • Investment Type: Long term Owner Investment

  • Incremental Value / Total Deal Costs: 41.6%

  • Incremental Value / Equity: 198.7%

Key Value-Add Highlights:

  • 1100 sq.ft. of utility/storage/carport converted to livable space
  • One net new 3 bedroom/1 bath apartment unit @ 788 sq.ft.
  • Reconfigured living, kitchen, bedroom spaces in all pre-existing units with a net add of one bedroom in each unit
  • Modern finishes, upgraded plumbing, and electrical systems, CAT6 throughout

Domain Expertise:

  • Acquisition
  • Asset Management
  • Due Diligence/Planning
  • Construction Management
  • Leasing
  • Property Management