The former Bellevue Point Apartments was purchased in an off-market transaction in 2003. The 1972 vintage property was 25% vacant but had an incredible location less than a mile from the Microsoft World headquarters. The former tree nursery had nice site ambiance but was poorly maintained. Amenities include adding a new fitness center, plus full apartment interior upgrades, including new washer dryers. Extensive upgrades to the pool, spa and landscaping were completed by ownership. The net income over the 15-year holding period increased by 380%. As the owner was underway with a new 410 unit development plan, King County Housing Authority purchased the property via condemnation to retain dwindling affordable housing near the MicroSoft campus. It continues to operate as a moderate-income community.