Fund I

Bay Club

Des Moines,

WA

Total Required Equity
$1,900,000
Asset type
Multifamily
Investment Objective
Value Add
Investment Date
February 2012
Realized IRR
30.06%
Realized Net Multiple
3.04x

Investment Summary

Bay Club was a five-building, 88-unit, Class B garden apartment community built in 1987 and located approximately 15 miles south of Seattle, located one mile from a new light rail train. Our business plan was to improve the rent roll, improve customer service and gradually push rents up to the market levels over time. We also refurbished the clubhouse, added new landscaping and upgraded unit decks.

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