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Atrium on James

Kent, WA

300 Units

Built in 1989

Value Add

Investment Highlights

  • Value-Add Opportunity: Significant upside can be achieved as follows: operationally, renovations to interiors, reprogramming common areas, and curing deferred maintenance.
  • Attractive Basis / Stabilized Yield: Price / unit and price / SF will be approx. 25% below recent sales and competing inventory. Strong stabilized CAP rate will be approx. 75 bps above market.
  • Suggested Renovations: Renovate all 206 Classic Homes and 62 Espresso Homes which were initiated back in 2006. Reprogram common areas.
  • Easy Access to Employment Hubs: Centrally located between Seattle and Tacoma and less than 10 minutes from Interstate 5 for easy commutes to downtown Seattle, Sea-Tac Airport, Kent Valley, and the Eastside.
  • Strong Submarket Rent Growth: Rent growth in Kent has been amongst the highest in the Seattle MSA due to its population increasing 40% over the past decade, with a forecasted 4.2% growth in 2024.
  • Housing Affordability: The average single-family home price in South King County is $658,205, making homeownership over twice as expensive than renting at Atrium on James.

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