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| The Columbian Apartments, 1410 to 1414 S. Columbian Way, Beacon Hill, Seattle, WA |
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| Michael Flaherty |
Seattle, WA – A partnership between L5 Investments, a
Northern California-based multifamily investment firm, and Seattle-based Shuler
Architecture, has acquired The Columbian
Apartments for $5.82 million in Seattle, WA.
The 40-unit property is located in Beacon
Hill, an emerging neighborhood in the south central park area, less than three
miles from downtown Seattle. The partnership is planning to add value to the
property by modernizing both unit interiors and exterior areas in order to
better meet the demand of local renters.
Built in 1965 and located
at 1410 to 1414 S. Columbian Way, The Columbian is a community consisting
entirely of large two-bedroom apartments. The units feature walk-in closets,
private patios and views of the Olympic Peninsula.
The property is well
located, with excellent access to mass transit (the metro bus stop is in front
of the property, and light rail is just minutes away) and is a short walk to
Jefferson Park and the Jefferson Park Golf Course.
“The Columbian presented
us with an ideal opportunity to take a well-located apartment community with
significant maintenance and management issues and transform it into a coveted
place to live,” said Michael Flaherty,
founder and CEO of L5 Investments.
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| Jason Elrod |
“As the Seattle
residential market tightens and job growth continues to strengthen, we firmly
believe that once repositioned, this property will meet the desires of area
renters seeking a high-quality apartment community.”
The partnership is
planning on investing approximately $1.4 million to improve and modernize the
property which includes a contemporary makeover of the leasing office and
common areas. The unit interiors will be renovated with new appliances and
finishes as well as the addition of a washer and dryer in each apartment.
Beacon Hill is one of
Seattle’s oldest neighborhoods with home prices that have been rapidly
appreciating in recent years. The neighborhood sits on a high ridge overlooking
Seattle and Elliot Bay. Residents enjoy all the benefits of an urban setting
with easy access to the 5 and 90 Interstates, an array of retail and dining
options, and nearby employment centers.
Paul Harbor and
Grandbridge Real Estate Capital arranged the debt on behalf of L5 and Shuler. Jason Elrod of EHI Real Estate Advisors
brokered the transaction on behalf of both the buyer and the seller, a private
investor.
In June 2016, L5
Investments and Shuler Architecture acquired Innsbruck Apartments, a
fully-occupied, 31-unit multifamily community in SeaTac, WA for $2.6
million.
For a complete copy of the company’s
news release, please contact:
Darcie Giacchetto
949.278.6224
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