Home » Meridian Glen
(87 units) – Everett, WA
RSRC acquired an 87-unit apartment property in Everett, Washington. As part of the acquisition, RSRC assumed a HUD loan with an effective interest rate of 3.55% with a 35-year amortization and term. RSRC was able to purchase the asset well below market value and plans to execute a light value add strategy along with targeted property enhancements. RSRC plans to raise rents to $1.35psf by the 3rd year by combining the value add strategy with strong local property management. Total project capitalization is $9.0 million ($104k/unit and $122psf) with an in-place cap rate of 5.6% and a projected year 1 cap rate of 6.1%. The property was sold November 2016 for $14.1 million.