Multifamily Redevelopment. 38,703 sq. feet. Units- 45. TOTAL PROJECT COST: $7,655,851
The Lakeside Apartments are located in Everett Washington, a Suburb north of Seattle. Another fractured condominium project, Westland purchased 45 of the 56 units on the property at a price much lower than market value. At acquisition, the remaining 11 owners had all of their utilities subsidized by the former ownership group. With the creation of an HOA, this cost burden was shifted back to the individual unit owners. These savings will be realized immediately without the deployment of upgrade capital. In addition, upgrade capital will be spent to improve the interiors, as well as exterior paint & new roofs.