Freshwater Investments Expands Its Footprint in Seattle Metro Area Through Acquisition of Bradford Park Apartments and Big Renovating and Rebranding Plans
Freshwater Investments has partnered with a Bay Area family office to purchase Bradford Park Apartment Homes, a 100-unit property in Lynnwood, Washington, for $24.6 million. The property will be renovated with the focus on building the community and enriching tenants' lives.
SEATTLE, Sept. 7, 2018 /PRNewswire-PRWeb/ -- On August 30th, 2018, Freshwater Investments has finalized the purchase of the Bradford Park Apartment Homes, a 100-unit property in Lynnwood, Washington. This is the third acquisition by Freshwater in the area, with the other two being The Lighthouse in Kent and The Stinson in Everett.
Built in 1989, with only 25% of units remodeled by the previous owner, Bradford perfectly aligns with the Freshwater value-add strategy. Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments, said: "We are in business of creating the best opportunities for our investors. Analyzing potential investment projects, we do our homework, leaving no stone unturned. Bradford is undoubtedly a high potential property and was received with much enthusiasm by our investors, which in turn allowed us to have a record short fundraising period. I see every project we undertake as an opportunity to grow and try new things. Bradford, for example, allowed us to partner with a family office, which is a new and exciting development for Freshwater Investments."
16 miles North of Seattle, 10 miles away from Boeing's Everett's Factory (the largest manufacturing facility in the world) and 2 miles from the future light rail station (construction beginning in 2018), Bradford offers a convenient commute to some of the largest employers in the region. Boeing's Paine Field, the local airport and the major employer, is about to open for commercial flights to 8 cities, which is likely to boost the economy in the area.
Bradford Park Apartments will undergo significant renovations including exterior, landscaping, redesigned and upgraded communal spaces, as well as units remodeling. To give the property a truly new start it will be renamed and rebranded. "We are excited to have a new brand concept already developed, and will start working right away on bringing it to life", said Rozenfeld. "In addition to creating value for our investors, we also feel responsibility for building better communities that enrich our residents' lives. In the renovations plans we're putting emphasis on inviting and functional communal spaces, encouraging social interactions and offering additional resources. We'll have a community library and a dog park, and are exploring options to offer a community garden."
The Seller in the Bradford Park transaction was Hamilton Zanze. Ashlee Pierce, Director of Transactions at Hamilton Zanze commented: "There was solid execution by all parties making for a smooth transaction. We are pleased with the outcome and glad to have worked with Freshwater again".
Bradford Park acquisition was brokered by Ben Johnson, Director of Investment Sales at Berkadia, who said, "It was a pleasure working with Freshwater, as they expand their footprint in the Pacific Northwest. Alex and his team performed flawlessly on their execution. We are excited to work with them again".
Freshwater Investments is a California based private equity real estate investment firm creating opportunities for private investors, high net worth individuals and family offices to diversify portfolios and gain attractive returns through co-ownership of multifamily housing properties. Freshwater currently has $145M assets under management. Benefits of multifamily investments with Freshwater include capital preservation, passive income, hassle free straightforward process, IRA investing options, impact investing.
For more information visit http://www.freshwaterinvestments.com
SOURCE Freshwater Investments
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