Malibu Apartments

Lakewood, WA

Closed 7/2018
13 units built in 1975; 14th unit added
Purchased for $900,000
$365,000 capital improvement program underway
I/O bridge debt at 80% LTC, 100% of rehab cost at 7.99%
Currently under contract for sale at $2,050,000
IRR of 29.83% to owners during 2 year hold