FOCUS

Rainier Valley Partners focuses on the acquisition, development and management of multifamily properties in the Seattle/Tacoma market, as well as South Chicago.  RVP typically targets under performing multifamily properties in developing neighborhoods to create equity through renovations, development, improved management, coupled with the economic growth of the surrounding area.

COMPANY

RVP was founded in 2016 by Tim Solimano and Zach Laster-Hazzard when they were competing to buy a property in Seattle’s Beacon Hill neighborhood. In realizing their complementary skill sets and shared views on real estate they joined forces.

In the time since the formation of RVP a team has been built which allows RVP to handle most facets of their projects in-house.  RVP has a contractors license and a full-time construction crew who focus on turning units and doing in unit renovation work.  They are also able to tackle repair needs at RVP managed properties as they come up. RVP also has a full-time property manager who handles leasing, and tenant relations across its portfolio.  This team allows Tim and Zach time to focus on hunting for new projects, portfolio management, and managing the larger renovation projects as well as oversight of numerous sub-contractors and crews that are hired out for painting, landscaping, flooring, roofing, drywall, electrical, plumbing and all the other various trades used on projects. Keeping property management and construction in house allows RVP to consistently run projects at costs lower than its competitors in construction and 3rd party management.

So far RVP has overseen the renovation and repositioning of 15 properties, over 150 units, and permitted the construction of 5 units, with construction budgets of over $2.5m. In the Northwest, between Seattle and Tacoma RVP currently manages 10 Multifamily and mixed use properties with 11 commercial spaces, valued at over $20m. In Chicago RVP is also the asset manager of a 19 unit apartment building.

RVP is primarily run as a family office but partners with investors from time to time. RVP only purchases deals that offer flexible exit strategies, allowing it to perform on deals whether the decision is made to sell or to hold long term once stabilized.  This flexibility on exit, provides a strong hedge against the market.  RVP’s long-term goal is to buy and mostly hold assets in order to create a large long-term portfolio of cash flowing assets.      

FOUNDERS

Tim Solimano’s interest in real estate began while working at an architecture firm early in college.  After graduating from Linfield College in Oregon with a major in Business and a minor in Economics, Tim went to work at a small investment bank in New York.  Tim first started as a Regional Banking Equity Analyst Assistant, and then became an Investment Banking Analyst.  After 2 years of learning the ropes in New York, Tim returned home to Seattle to take advantage of the inefficiencies he saw in the real estate market and started buying multifamily properties to renovate and hold.  During his initial projects Tim worked hands on with contractors, learning the ins and outs of the design and construction process. This experience provided him with a vast knowledge base from which he could better negotiate with and oversee contractors on future deals.  Tim has used multiple creative deal structures to finance his real estate investments, while working on a wide range of projects from full building rehabs, plat subdivisions, and high end flips.  Tim's skills in property management and real estate continued to develop while managing his own rental portfolio, seeking out and buying off-market properties, and coming up with innovative partnerships.

Zach Laster-Hazzard grew up in Seattle and started learning about construction at a young age while building tree forts with his father.  Zach's understanding of construction was deepened while working as a carpenter's apprentice during middle school, high school, and college.  While in college, Zach also spent time working at an architecture firm.  Simultaneously his interest in real estate and architecture was fostered through time spent working for his family's rental and renovation business.  After graduating from Chicago's DePaul University in 2010 with a major in Political Science and a minor in Art, Zach returned to Seattle to continue working in the real estate and development field.  From 2010-2015 he worked as the Property Manager and Project Manager for Hamilton Urban Partners, a real estate development, investment and management firm.  During his time at Hamilton Urban, Zach led and built out the company's leasing, community management, and facilities management teams and oversaw a portfolio of multifamily real estate worth approximately $80 million.  He was also tasked with managing over $6 million in renovation budgets while overseeing the renovation of over 160 units and 9 buildings.