Montlake 2311 23rd Ave E, Seattle

2311 23rd Ave E is a historic mixed use stucco building located in the heart of Seattle’s Montlake neighborhood, surrounded by other historic buildings and great local amenities such as; Café Lago, Oxbow bakery and Coffee, Fuel Coffee, Montlake Bicycle Shop, and the Montlake Public Library. The building is also centrally located in terms of its proximity to UW, 520, Capitol Hill, and Madison Park. The building consists of four, two bedroom apartments with original hardwood floors, new shaker Cabinets, Soapstone counters, subway, hex tiled bathrooms, and modern amenities such as dishwashers and in unit Laundry. The ground floor of the building also has 2 commercial spaces which are the home to Mr Johnsons Antiques a staple of the Montlake Neighborhood for the past 25 Years.

• Acquired January 2022

• 2 Commercial spaces

• Located in the Heart of Montlake

• Great historic charm built in 1925

• Four, two bedroom apartments.

11427 Mixed Use, Rainier Ave S, Seattle

11427 Rainier Ave S Apartments is located directly across from Lake Washington on the border of South Seattle and North Renton below the neighborhood of Bryn Mawr-Skyway. The building is in a great location given its close proximity to all of the shops and amenities of Downtown Renton and The Landing. The building hosts 4 commercial spaces on its main floor with 4 apartments above them. Current commercial Tenants consist of Lake Thai Cuisine, Grace Temple and Rainier Valley Partners Offices. Updates coming to the property include a new roof, new exterior paint job, façade’ and fixtures. Interior updates include renovated apartments and a new laundry room.

• Acquired November 2018

• 4 Apartments, 4 Commercial Spaces

• Central location with close proximity to Renton, Seattle, Bellevue, and Seatac.

Rainier Apartments, 6111 Rainier Ave S, Seattle

6111 Rainier Apartments consists of 6 apartments located in the up and coming Hillman City neighborhood of south Seattle.  The property's unique location makes it a convenient place to life affordably while having great proximity to many great areas such as Columbia City, Seward Park, and Beacon Hill.  Within walking distance of the building one can find  local amenity's including; the Othello Light Rail Station, Archipelago, The Flour Box, Onda Origins Cafe & Roastery, Twilight Rainier, Machine House Brewery among many others, and Columbia City's PCC and shops are less than 1 mile from the building.  The building features 6 large 2 bedroom 1 bathroom apartments with onsite laundry and mountain views of Mt. Rainier.  Updates to the building in 2018 consisted of a new roof, a new modern siding design, exterior paint job, bbq & patio area, and updated laundry room.  Interior updates included quartz counters, stainless steel appliances, dishwashers, new fixtures and designer repaints.

• Acquired December 2017

• 6 Apartments, 4 Parking Spaces

• Up and coming Hillman City neighborhood, within walking distance to Light Rail.

Wilmont Apartments - 1402 Earnest S Brazill, Tacoma

The Wilmont is a beautiful 11 unit colonial brick apartment building located in Tacoma's Hilltop neighborhood with unique finishes such as terrazzo bathroom floors and ornate brickwork.  The Hilltop neighborhood has seen steady growth and investment over the past year and this growth should be further fostered by the city's plan to add a light rail stop 4 blocks from the Wilmont by 2021.  Common area work completed during the Wilmont's overhaul in 2017 consisted of awning repairs, all new exterior paint, refinished lobby floors, a laundry room remodel, new interior paint and fixtures.  Unit updates made in 2017 include refinished hardwood floors, granite counters, new paint, drywall, an updated appliance package, and new electrical panels.

• Acquired February 2017, Completed December 2017

• 11 Apartments

• 1 & 2 Bedrooms

• Near Light Rail stop opened in Sept 2023

Schultz Apartments - 1002-1004 Earnest S Brazill, Tacoma

The Schultz is a grand 13 unit craftsman apartment building on the Tacoma Historic Registry, located in Tacoma's Hilltop neighborhood.  Just down the street from the Wilmont Apartments the Schultz is in a location poised for change and development as Tacoma light rail goes in.  In 2017 RVP completed a comprehensive rehabilitation of The Shultz, common area work included; a new roof, extensive siding repairs, all new paint, structural repairs to the buildings rear staircase and decks, and revamped lobby's and laundry room.  Apartment renovations included refinished hardwood floors, granite counters,  an updated appliance package, new cabinets, hardware, and tile bathroom surrounds.  The Schultz also offers the modern features of a new pex plumbing system, and double pane windows.

• Acquired October 2016, Completed December 2017.

• 13 Units

• 1 & 2 Bedrooms

• Historic Registration qualifies the building for tax credits.

• Near Light Rail stop opened in Sept 2023

• Large lot provides future development opportunities

The Mcllvaine Apartments - 920 S 9th St, Tacoma

The Mcllvaine is a classic Italian apartment building listed on the Tacoma Historic Registry.  The Mcllvaine's exterior consists of an ornate mixture of building materials including various brick types, stucco and concrete giving it a memorable look.  Classic details such as an ornate crest above the buildings entry continue to showcase the buildings historic past.  These charming details that remind us of Tacoma’s wealthy history continue to the 8 massive apartments inside the building.  Common areas feature historic tapestry rugs and a fantastic skylight that floods the lobby with light.  Apartment interiors feature original hardwood floors, charming built in window seats, abundant original cabinetry and built-ins along with huge wood columns and detailed trim.  The Mcllvaine’s close proximity to downtown Tacoma, the thriving 6th Ave district and the rapidly changing Hilltop neighborhood make it a convenient place to live while residing in a historic gem of a building.   Exterior updates to the property in 2017-2018 included a new paint job, stucco and brick repairs along with a new roof.  Interior updates included new stainless steel appliances, new electrical panels, new kitchens, and refinished floors.

• Acquired May 2017, Completed October 2018

• 8 Apartments, Large Parking Lot

• Near Light Rail stop opened in Sept 2023.

• Historic Registration qualifies the building for and tax credits.

Twin Crest Apartments - 10545 SE 238th St, Kent

The Twin Crest Apartments is 18 unit building located in central Kent that was purchased with the proceeds from the sale of the Marguerite Apartments in a 1031 for an investor. The apartments have been thoughtfully renovated with new luxury plank flooring, granite counters, and all new stainless steel appliances including dishwashers. Each apartment features spacious living and dining rooms, Kitchens, large closets, Decks / Patios and in unit laundry connections.

• Acquired December 2021

• 18 Unit Apartment Building

• Mix of 1 and 2 Bedroom, 1.5 Bathroom Apartments

• Decks and In Unit Laundry

• Covered and uncovered parking

Burnett Complex - 101, 103 Burnett Ave S, 104 Burnett Pl S, Renton

The Burnett complex consists of 3 Commercial Garage shop spaces and a single family home located in the heart of Renton. The shops are utilized by construction and landscaping companies, and the home is rented out. The location is perfect for commercial uses given its proximity to Downtown Renton, Seattle, and Bellevue as well as I-405 and I-5.

• Acquired May, 2021

• 3 Commercial Shop/Garage Spaces

• 1 Single Family, 2 Bedroom Home

6940 S Ogelsby Apartments – Jackson Park Highlands, Chicago

The classic 1920’s brick apartment building is well located in the Jackson Park Highlands, 4 blocks from the orange line, and blocks from the lake.  It has a good unit mix of studio, 1, and 2 bedroom units.  Purchased with 11 vacant units, RVP hired a Chicago based crew to renovate and lease up all of the vacant units, hallways and common areas. All of the units and common areas were remodeled in a manner to keep as many of the original features as possible, while providing modern amenity’s included stainless appliances and granite countertops.

• Acquired May 2019, Completed July 2020

• 4 stacks with 19 units

• Studio, 1, and 2 Bedrooms

Marguerite Apartments - 1002 N J St, Tacoma

 RVP purchased the property with a portion of the proceeds of the sale of the Lake Apartments in a 1031. Apartments in The Marguerite boast spacious renovated mid-century modern layouts. Walk around balconies, views in the eastern facing apartment homes and private balconies. Updates included new appliances, electrical fixtures, exterior and interior paint, unit flooring, Quartz counters, and in unit hardware among many other items. The buildings wiring was also brought up to code with a full alumicon retrofit. 8 of the 14 units were renovated prior to sale with sale price higher than proforma expectations.

• Acquired June 2019, sold July 2021 for 57% higher than purchase price.

• Highest price per square foot and third highest price per unit for pre 2011 construction sales in Stadium.

• 14 Apartments, mix of 1 and 2 bedroom apartments.

• Renovated Electrical Systems, and units.

The Lake Apartments - 30853 14th Ave S, Federal Way

RVP purchased the property for an investor in a 1031 exchange in 2017. Upon acquisition RVP re-positioned the building with significant updates and improved management practices.  Exterior updates included new paint, railings, stairs, landscaping, a roof refresh and an updated laundry room. Interior updates included new electrical panels, granite counters, stainless steel appliance packages, dishwashers, refinished hardwood floors, new fixtures and designer repaints.

• Acquired July 2017, sold in 2019 for 40% higher than purchase price.

• Highest price per unit ever in Federal Way (under 130 units).

• Second highest price per unit ever in Federal Way ( under 100 units).

• 16 Apartments, 4 - 1 Bedroom Apartments, 12 - 2 Bedroom Apartments, Large Parking Lot

• Close proximity to Federal Way Transit Center.

2 Smith Street Apartments - Queen Anne, Seattle

2 Smith street is a classic shotgun style apartment building located on top of Seattle's cherished Queen Anne neighborhood.  After the acquisition of Smith St all apartments received large cosmetic upgrades including; refinished hardwood floors, granite kitchen counters, stainless steel appliance packages, new fixtures and a designer color repaint to top it all off.  Two very large one bedroom apartments were converted into two bedroom units for increased rental income.  Most units feature charming original details such as eating nooks, built in cabinetry and picture rail molding.  Smith St's historic charm, high end finishes, and prime location make it an ideal location for Seattle's growing youthful tech based residents.

• 213% Return on Investment, 48 Month Hold Period

• 5 units

• Sold 2017

3404 16th Ave S - Beacon Hill, Seattle

3404 16th Ave S is a single family home that was opportunistically acquired in an off market purchase in fall of 2015.  When purchased much of the 1910’ craftsman home’s character had been hidden and destroyed by ugly vinyl siding and numerous bad alterations such as enclosing the porch and dropping all the interior ceilings along coupled with long term deferred maintenance.  Due to these issues the first order of business upon purchase was a full rehab of the home consisting of, opened front porch, increased ceiling height in all living spaces, new open concept kitchen design with all new appliances counters and cabinets, along with a full interior and exterior paint job, refinished hardwood floors and reclaimed exterior siding.  After renovations were completed the home was rented and cash flowing well, but with the increased demand for housing in Beacon Hill the decision was made to sell the property in the winter of 2016.

• 240% Return on Investment, 18 Month Hold Period

• Sold 2016

1123 14th Ave - Capitol Hill, Seattle

1123 14th Ave was a triplex acquired in Summer 2011.  The craftsman house had been slowly falling apart under old management, and after buying the property well below list price, the house and detached garage were gutted and remodeled into prime Capitol Hill rentals.  After a full remodel the building was refinanced and generated solid cash flow until being sold in the fall 2016

• 530% Return on Investment, 65 Month Hold Period.

• Sold for Highest Price Per Unit (for under 4 units at the time)

• Sold 2016