From a neglected property — to Ballard chic
About this Project
For the acquisition of The Brickley, Walls Property Group created a syndication raising over $600k in equity with the purpose of creating value resulting in producing long-term cash flows for its investors. Click here to see the before & after photos!
Located on the corner of NW 59th St and 26th Ave NW in the heart of Seattle’s historic Ballard neighborhood, The Brickley was a 5 unit apartment building with some units rented by room. One apartment was non-confoming, having been built after the original construction and not up to code. The building, constructed in 1954, had seen better days. Old utility systems, tired finishes, and underutilized space provided a perfect value-add opportunity for the Walls Property Group. After acquiring the property in March of 2020, WPG began a renovation scope centered on space optimization and modernization.
Completed in December of 2020, the project, a complete gut and remodel, leagalized the non-conforming unit, made use of 1000 sq. ft. of underutilized space in order to add a 6th apartment unit to the building while reconfiguring existing units to meet the dynamic needs of today’s residents. In addition to new plumbing, electrical, and HVAC systems, the renovation included a new roof, windows, and a modern finish package for each unit complete with smart home technology. The beautiful red oak hardwoods on the upper level were kept and restored linking the building’s rich past to the present. Despite leasing up in a challenging COVID environment, the quality of upgrades facilitated the process.
- Date of acquisition: March 2020
- Acquisition Price: $1,585,000
- Renovation Costs: $953,002
- Renovation Complete: December 2020
- Current Value: $3,090,000
- Investment Type: Long term Syndication Investment
- Targeted IRR: 13.6%
- Equity Multiplier: 2.39X
- 5-YR avg COC: 9.2%
Key Value-Add Highlights:
- 990 sq.ft. of utility/storage/garage converted to livable space
- One net new 3 bedroom/1 bath apartment unit
- 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, and Vivint smart home technology
- Asset Management
- Due Diligence/Planning
- Construction Management
- Property Management