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The Breeze Way Apartments
34250 13th Ave NW, Federal Way, Washington 98029, US
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.12.82%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").4.70%
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.1.60x
Key Stats
Last updated: December 14, 2022, 04:27 am
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.12.82%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").4.70%
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.1.60x
Est. Hold Period
4 years
Est. Property Value
The most recent estimated value, most commonly the purchase price of the property.$37,500,000
Year Built
1993
Units
110
Sq. Ft.
108,321
Occupancy
97%
Debt LTV
59%
Current Rent
$1,731
Target Rent
N/A
Lot Size
5.83 acres
Asset Class (Multifamily)
About
The Breeze Way with 110 units in Federal Way, Washington.
The Breeze Way is a multifamily apartment with 110 units across 12 buildings. It is located close to Northshore Village Shopping Center (0.1 mi), Twin Lakes Shopping Center (1.2 mi), and Dash Point State Park (2.7 mi).
This property sits on 5.83 acres of land with an average unit size of 921 square feet. The apartments were originally built in 1993 and were renovated in 2020, and include an indoor spa, outdoor swimming pool, and a fitness center.
Local schools include Enterprise Elementary School (1.1 mi) with a 5/10 rating, Illahee Middle School (1.4 mi) with a 6/10 rating, and Todd Beamer High School (2.3 mi) with a 4/10 rating. Nearby colleges include UW Tacoma (4.4 mi), Highline Community College (7.8 mi), and the University of Puget Sound (15.7 mi).
The largest employers in the area include the United States Postal Service (1.1 mi), St. Francis Hospital (1.8 mi), and DaVita (2.1 mi). Nearby Fortune 500 headquarters include Starbucks (20.6 mi), Weyerhaeuser (21.8 mi), and Expeditors International (22.3 mi).
The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.
5 Highlights about this deal:
- The property was purchased for $37.5 million.
- The goal is to increase the average current in-place rent of $1,731 per unit by $300 to $450 which is lower than the current market rates.
- All units will have high-speed internet, a fireplace, balconies, a washer/dryer, vaulted ceilings, and wooden flooring.
- The region has a stable job market with 400K+ employed directly in the private and public sectors.
- The property is adjacent to great retail amenities – a short drive to a large collection of restaurants and retailers.
Market Highlights
Closest School
Enterprise Elementary School(1.1 mi)
School
Closest University
UW Tacoma(4.4 mi)
University
Closest Fortune 500 Headquarters
Starbucks(20.6 mi)
Industry: Food Services
Closest Employer
United States Postal Service(1.1 mi)
Industry: Postal Service
Local Employees: 654
Closest Transit
Convention Center/South 15th(4.2 mi)
Transit
Closest Airport
Seattle-Tacoma International Airport(11.6 mi)
Airport
Land Capital
Management Company
3PM
Sponsor
On the Map
34250 13th Ave NW, Federal Way, Washington 98029, US