Odyssey Properties Group is pleased to announce the recent, successful closing of the Raleigh Apartments – a value-add investment opportunity. The Raleigh is a 52-unit apartment complex, well located in Burien, Washington – a Seattle suburb, 12 miles south of downtown Seattle. The property was purchased for $8,200,000 and is 98% occupied. The Raleigh will be another strong performing asset for our growing portfolio.
The property stands to benefit from our proposed $661,000 rehab program which will include updating key areas including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers. The scope of work will add immediate value, update the property for today’s tenant needs/interests, enhance our ability to better market the property, and improve the property aesthetics for the short and long term. More importantly, it will enable us to achieve higher rents and maintain high occupancy.
This increase in rents results in an estimated property value increase of approximately $800,000 – $1,000,000.