Attractive Unit Mix with Proven Renovation Premium: Wedgewood Apartments features a total of 20 residential units, 13 of which have been fully renovated to include in-unit washers and dryers. The unit mix consists of two urban 1-bedroom units, ten 1-bed/1-bath units, and eight 2-bedroom/1-bath units.

Well-Maintained with Recent Capital Improvements: Ownership has made significant investments into repositioning the property in the last several years, resulting in a well-cared-for property with meaningful improvements. Major capital improvements include a new roof, exterior paint, parking lot resealing and restriping, and deck repairs/renovations.

Value-Add Opportunity with Rent Growth Potential: The property is mostly renovated and offers a clear path to further upside by completing the renovation program across the remaining units. Current rents are approximately 10% below market, with an additional 12% premium achievable through renovations, representing roughly 22% total rent growth potential.

Commercial Income and Additional Exit Optionality: Veraci Pizza has been a long-term tenant of the property for over 15 years, with three years remaining on its current lease, providing stable commercial income from day one. Investors also can pursue a lot-line adjustment to separate the commercial space and potentially sell it as a standalone asset.

Strong Renter Demographics in a Supply-Constrained Market: Wedgewood Apartments is in one of Northeast Seattle’s most desirable and supply-constrained submarkets, benefiting from an affluent and highly educated resident base, strong projected population and income growth, and a high barrier to homeownership that continues to support renter demand.