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Multifamily

Stencil

Seattle, WA

39 Units

Built in 2016

Core

Investment Highlights

  • BOUTIQUE ASSET: Opportunity to acquire an upscale boutique apartment community developed by a well-respected developer. The property features 38 apartment homes and ±4,429 square feet of retail space.
  • IDEAL WALKABILITY: With a Walk Score of 90, residents are steps away from popular dining, shopping and entertainment; popular PCC Community Market is located across the street.
  • RARE VALUE-ADD OPPORTUNITY: Units are ideally primed for a cosmetic value-add opportunity which could allow rental premiums over current in-place rents.
  • MFTE PROGRAM: Stencil benefits from the Multifamily Tax Exemption (MFTE) program which allows a tax abatement on the multifamily improvements on site through 2027.
  • STRONG ECONOMIC DRIVERS: Demand for office space in downtown Seattle hit a two-year high in March, exceeding pre-pandemic levels. Seattle's population is expected to grow an additional 8.64% by 2024. Rents and occupancy at Stencil remained stable through the Covid-19 pandemic.

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