Whitworth
Acquired:
2010
Amenities and features:
- Walk Score of 91 in Seattle's vibrant, Capitol Hill neighborhood
- 4-building, vintage apartment community
- New, stainless-steel appliances
- Constructed in 1927
Project details
Cadence acquired a 53-unit vintage apartment community in Seattle's Capitol Hill neighborhood in 2010. The 4-building property, constructed in 1927, had been listed for sale for almost three years, faced high vacancy at the time of close and struggled with dated, unit finishes. Cadence was able to source equity and debt quickly and acquire the property in 45 days.
Cadence successfully executed the renovation, updating the unit interiors with granite kitchen and bathroom countertops, full repainting, new lighting, kitchen and bathroom tiles, and stainless-steel appliances. The property was stabilized within 14 months.
Property features:
- Walk Score of 91 in Seattle's vibrant, Capitol Hill neighborhood
- 4-building, vintage apartment community
- Constructed in 1927
Cadence improvements:
- Granite kitchen and bathroom countertops
- Full repainting
- New lighting
- New tile in the kitchens and bathrooms
- New, stainless-steel appliances
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