Dexter Apartments is a 4-story, 14-unit multifamily building located in the northeast corner of Queen Anne neighborhood. The Property was acquired in July 2019 for its investors.
During 2020 Walls Property Group’s construction team upgraded all units to modern finishes with high-end appliances and lighting. The construction team added 11 bedrooms and 6 bathrooms to the apartment. Additionally, the construction team added 1 unit to the existing carport. The Sponsor raised construction financing of $1,807,000 for the rehabilitation. At completion, each unit was upgraded with new modern kitchens, bathrooms, laundry, and hardwood flooring. Additionally, the construction team renovated the exterior of the building to fit a more modern contemporary look to fit in with the upscaling neighborhood.
The Property is located on the northeast side of the highly desirable Queen Anne neighborhood and below Canlis, Seattle’s most celebrated restaurant. A 6-minute bike ride to Fremont, home of Google, Tableau and Facebook to the North. And an 8-minute bide ride to Amazon’s Headquarters. The location has a walk score of 76 out of 100 (considered Very Walkable) and a Transit Score of 66 out of 100, and a Bike Score of 68 out of 100. Additionally, The Property touts sweeping views of Lake Union from the upper floors and 1,000 sf roof Deck.
Acquisition Price $3,600,000
Construction Budget $1,807,000
Stabilized Value $7,200,000
Timeline 15 months from Acquisition
Density Added 11 bedrooms / 6 Baths
Common Areas 1,000 sf Rooftop deck with views of Lake Union
Per Door, Value Add 2.5x increase in rent
Rentable SF added 1,300 sf from carports and laundry rooms
Walls Property Group, as sponsor, has been investing and managing apartments in Seattle for over 35 years. All of WPG’s owned and managed properties are geographically located within 15- minutes of its Ballard headquarters. WPG is a full-service Real Estate company with in-house construction, asset management, property management, and maintenance teams. WPG currently manages over 65 properties and 750 units.