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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
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