Home » Bay Club
(88 units) – Des Moines, WA
| Acquired: | February 2012 (Recapitalized July 2017) |
| Project Capitalization (LTV): | $12,750,000 (80%) |
RSRC acquired an 88-unit property in the Seattle suburb of Des Moines, Washington. The property, under former TIC ownership, was underperforming its peers in the marketplace by approximately 10%. RSRC viewed this acquisition as an opportunity to improve management and renovate the property to achieve market rents with modest future rent growth. RSRC moved quickly to acquire the building after ownership’s failed marketing attempt and fast approaching loan maturity. The acquisition price was discounted to replacement costs and was below previous comparable sales in the rising market. In the first 12 months after the acquisition, RSRC grew rents by 9%, and in June 2017, bought out its JV partner and recapitalized the project.
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