Multifamily
6-Plex Reposition & Condoization
Location:
Queen Anne, Seattle WA
ACQUISITION
Skogen was acquired at a low basis as an uninhabitable asset in an exceptional location, a prominent corner lot near Seattle Pacific University, with strong underlying land value and long-term development potential. The condition of the property required immediate execution to minimize downtime and quickly move the asset toward stabilization.
FULL RENOVATION
Within three months, the property underwent a comprehensive renovation, including the realization of previously underutilized basement square footage to increase the functional area and value of the asset. The highly accelerated process required rapid design decisions, construction coordination, trade sequencing, procurement, and tight cost and schedule management to move from acquisition to a fully renovated and stabilized property.
STABILIZATION & LONG TERM
Following stabilization, the strategy moves into cash-out refinancing and condoization, improving the financing structure, unlocking equity, and creating greater flexibility for future ownership and disposition. Over the long term, the site remains positioned for redevelopment to its highest and best use.
