Current and Past Properties
Seaglass Apartments
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Ethos purchased this property in December of 2021
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182 Waterfront units. 50% upside in rents in first 12 months
Location: Bremerton, WA
Asset Type: Multifamily
Oxford Apartments
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This is a long-term owner/operator of a mixed used property located in the heart of downtown Seattle across from the Pike Place Farmer's Market
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The leased ground floor and basement is occupied by Design Within Reach to be used as their showcase store on the west coast of the U.S.
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The investment needed cosmetic rehab and reworking of the underlying financing to increase rents as much as 200%.
Location: Seattle, WA
Asset Type: Mixed-use
Roosevelt Pines
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25 units value add cosmetic rehab
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66% increase value increase in year one
Location: Boise, ID
Asset Type: Multifamily
Chaparral Apartments
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52 units value add cosmetic rehab
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60% increase in value in year one
Location: Boise, ID
Asset Type: Multifamily
Adams Apartments
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Total increase in value of $2.55M in 15 months
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As of the sale date, this building was the highest price per square foot for an unreinforced masonry building in Seattle History
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Complete to the drywall renovation - included adding washer and dryers to every unit
Location: Seattle, WA
Asset Type: Multifamily
Walker Apartments
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Ethos purchased this property via foreclosure from a bank (failed condo conversion by previous owner)
Location: Tacoma, WA
Asset Type: Multifamily
Saxony
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This was a condo conversion and was unique because the town of Sammamish, located on the Eastside has an extremely high average income compared to other cities in King County, WA.
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The municipality has stopped any new construction of multifamily properties creating high housing prices. Work force housing for nurses, firemen, teachers, law enforcement, etc – is nonexistent.
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Saxony had 141 multifamily units and 18 detached 2 and 3 story homes.
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We completed $4,627,000 – $29,000 per unit in upgrades on the property
Location: Sammamish, WA
Asset Type: Multifamily
Mira
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A condo conversion in a high income supply constrained community
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Located in close proximity to Microsoft and (now) Google campuses
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A high barrier of entry exists due to the high cost of available entry level housing. This opportunity provided well priced housing in a superior location.
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Renovations:
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The interiors of the units were demolished down to the drywall. All new cabinets, appliances, fixtures, baseboards, carpeting, tiling, paint and doors were installed.
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The entire project was resided and re-roofed. The pool, clubhouse, covered parking and landscaping were installed new.
Location: Kirkland, WA
Asset Type: Multifamily
The Martin
Location: Lynwood, WA
The Morgan
Location: Kent, WA
Purchase Price: $2M
Rehab Cost: $1.8M
Sale Price: $5.9M