Kendall Ridge, a 240 unit apartment community, is located on 12 acres in the highly desirable apartment market of the Puget Sound Region. Originally named "Bellevue Pointe" it was purchased in August 2004 from a wealthy individual who owned and managed the property for 14 years.  At the time of purchase the property had a vacancy rate of 25%, which was three to four times that of the Bellevue sub market at that time.  Given the age and condition of the property, Bascom conducted a significant $2.4M renovation of approximately $10,000 per unit to enhance the community’s desirability relative to other market competitors. Renovations were focused on exterior enhancements and public amenities including a renovated leasing center, irrigation landscaping, a new sport court, tot lot and fitness center. In addition, Bascom completed interior enhancements, which included adding in unit washers and dryers.  As a result of Bascom's upgrades rents were increased by 55% and occupancy is maintained well above 90%.  Currently, the property is being held for long term investment purposes.  However, the original loan was refinanced in February 2008 with a new first trust deed from Freddie Mac.

City
Bellevue, Washington
Units
240
Renovation Budget
$2.4M ($10,000/ unit)
Debt Partner

Freddie Mac/GEMSA

Equity Partner

Wilson Investment Associates, Individual Private Investors