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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Beau Krueger
Associate Director
beau.krueger@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
INVESTMENT ADVISORS
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
MORTGAGE BANKING
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Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
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Value-Add Opportunity with Immediate Upside
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Address: City, State, Zip Year Built:
Year Renovated Units:
Buildings Stories Avg. Unit Size
Parking
NRSF Lot Size Parcel Number Zoning
Strategic Investment Opportunity with Expiring LIHTC
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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Significant Upside Potential
With 30-year LIHTC restrictions terminating effective January 1, 2025, and in-place leases ending by May, rents can be immediately increased by an average of 21% to market rates without significant changes to operational expenses.
Value-Add Opportunity
While the property has undergone light remodeling over the years with upgraded appliances and cabinetry in kitchens and bathrooms in the market rate units, the majority of units remain in classic condition, making it an ideal candidate for a full value-add program while pushing rents to market rate. Post-renovation, monthly rent premiums of $100+ per unit are projected across all unit types.
Further Upside Potential
Implementing a RUBS program across all 56 units would generate nearly $65,000 in additional annual operating income by recovering 85% of utility costs. Existing one-bedroom unit can be converted to two-bedroom with removal of manager’s office at minimal additional expense.
Ample Parking
The property offers 80 surface spaces and 12 carports, creating opportunities for additional income while providing residents with abundant parking options.
Pivot-Point Location
Located in the heart of Renton, Washington, the property connects residents to freeways, airports, seaports, and railways. It offers direct access to Interstates 405 and 5, King County Metro and Sound Transit Express buses, and Sounder Commuter Rail services between Tacoma and Downtown Seattle.
Employer Arterial
The property provides easy access to major Eastside employers like Microsoft, Google, T-Mobile, Amazon, and Boeing. Residents enjoy a 35% lower cost of living compared to Seattle while staying close to these employment centers.
Minimal Deferred Maintenance
Ownership has undergone several capital expenditure projects in recent years including exterior painting, landscaping upgrades with tree removal and planting, repairs and seal coating to concrete and asphalt, siding and roof repairs, and leasing office remodel.
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Prime Repositioning Opportunity with Immediate Upside in Attractive Seattle Submarket
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Artur Otto
Associate Director
artur.otto@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
artur Otto
Associate Director
artur.otto@berkadia.com
Beau krueger
Associate Director
beau.krueger@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
Back to Top
View Listings
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
1100 Sunset Blvd NE
Renton, WA 98056 1979
1996 56
3
3
781
80
45,840
84,600 SF / 1.94 acres
082305-905
RM-F
Heritage Grove is an exceptional investment opportunity in Renton, Washington, offering significant upside potential with the termination of 30-year LIHTC restrictions on January 1, 2025, allowing for immediate rent increases of 21% to market rates. The property’s value-add potential is further enhanced by its lightly remodeled unit interiors, which present an ideal opportunity for renovations that could yield monthly rent premiums of $100+ per unit. Additional income streams can be unlocked through a RUBS program, projected to generate $65,000 annually, and monetization of the property’s ample parking options. With minimal deferred maintenance and recent capital improvements, the property is well-positioned for operational efficiency and long-term growth. Strategically located in the heart of Renton, residents benefit from seamless access to major freeways, transit options, and employment hubs, including Microsoft, Amazon, and Boeing, while enjoying a 35% lower cost of living compared to Seattle.
Renton’s thriving economy, anchored by aerospace, technology, and healthcare industries, supports a robust renter pool with a 62% occupancy rate and projected household income growth of 32.9% over the next five years. The city’s affordability, coupled with its proximity to Greater Seattle’s job centers, has driven strong rental demand, with average effective rents reaching $2,113 as of 3Q2024. Renton’s cost-of-living advantage and expanding affluent renter base make it a compelling market for investors seeking stable returns and long-term appreciation. This property’s combination of immediate rent growth, value-add potential, and strategic location positions it as a premier investment opportunity in one of Puget Sound’s fastest-growing submarkets.
PEAK 88
Ben Johnson
Managing Director
425.999.6970
ben.johnson@berkadia.com
David Sorensen
Managing Director
206.351.5222
david.sorensen@berkadia.com
Unit Mix
Strategic Investment Opportunity with Expiring LIHTC
Strategic Investment Opportunity with Expiring LIHTC
Address: City, State, Zip Year Built:
Year Renovated Units:
Buildings Stories Avg. Unit Size
Parking
NRSF Lot Size Parcel Number Zoning
1100 Sunset Blvd NE
Renton, WA 98056 1979
1996 56
3
3
819
80
45,840
84,600 SF / 1.94 acres
082305-905
RM-F