Multifamily
4-Plex Covered Land Play
Location:
Queen Anne, Seattle WA
ACQUISITION
Stenen was acquired for its strategic location, prominent corner lot, site size, and LR3 zoning, fundamentals selected to support multiple stages of value creation over time. Rather than relying on a single exit, the acquisition was structured around three sequential strategies that allow the asset to perform today while preserving its larger development potential.
STABILIZATION
The first phase focuses on stabilizing the existing multifamily asset through operational improvements, leasing, and targeted repairs. The second invests more substantially in the existing building through interior renovations, improving rents, tenant experience, and overall asset value. Each phase requires disciplined underwriting, capital planning, design, permitting, construction management, and ongoing operations to ensure the investment continues to perform while advancing the longer-term strategy.
RE-DEVELOPMENT
The final phase is full redevelopment of the corner site to its highest and best use under LR3 zoning. This requires feasibility and development modeling, architectural and entitlement strategy, assembling the project team and capital stack, permitting, construction, and ultimately stabilization of the new development. The result is a long-term strategy that extracts value from the existing asset while steadily positioning the land for what it can ultimately become.
