5220 West Seattle Apartments

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Metrics Overview

Syndication Investment - 16 private equity investors
Address: 5220 California Ave SW, Seattle, WA 98136
Units: 16
Date acquired: 12/21/2021
Date sold: Current Holding
Acquisition price: $3,000,000
Sales price: Current Holding
Capital investment (Equity Investors): $1,175,000
Profit: Current Holding
Projected Internal rate of return (IRR): 25.2%

This 17 unit West Seattle apartment building was built in 1959 and has 2 325sf studios, 12 630sf 1BR units, 2 850sf 1BR+Den units and 1 1,040sf 2BR/1.5BA unit. As of 2nd quarter of 2023, we have 17 units completely demoed, with sixteen (16) units 100% renovated and the final unit set to deliver by the end of Q2 ’23. Our 5220 West Seattle remodels include all new luxury vinyl plank flooring, new shaker kitchen cabinets, quartz countertops, removal of popcorn ceilings, full paint of the unit, new interior doors, new window & door trim, new light fixtures, all new stainless steel kitchen appliances, new bathtubs/surrounds, and bathroom fixtures. We were able to install washer/dryers in each of the units that have been delivered by Saltchuck Construction. Common area improvements have included adding security astragals at all exterior doors, new flooring (carpet tile) throughout the building common areas, new paint, LED lighting, window coverings and other touch-ups. Perhaps most importantly, we re-routed the 1st floor lobby entrance to now be connected to the entire first floor, creating a logical pathway from one side of the property to the other.

PRIME

LOCATION

5220 West Seattle Apartments is located in the West Seattle neighborhood of Seattle, WA. The building fronts California Ave, the main arterial north/south, and is two blocks from The Junction, which is the main hub of activity in this area. Frequent transit options are located on the street allowing tenants ample access throughout the city. There is parking available on site, or free street parking in the nicely appointed neighborhood to the east. The building to the north is a well maintained apartment complex and a new townhome development was recently completed to the south, both enhancing the feel of the streetfront. Within the block there are several businesses including a Rite Aid as well as the West Seattle Nursery. Located in the Junction, there is a QFC, Whole Foods and Traders Joes for grocery shopping needs. The Walk Score of 87 along with these businesses contribute to a unique experience for tenants and provide all necessary services close to the building.

OUR

PARTNERS

M&M Ventures has partnered with Peter Gray, Owner of Untitled Architects, Jack Kelley of Kelley Partners and Ryan Scarff, Owner of Saltchuck Construction. See Partner's individual bios on our Team Page.