Mercer Tower
Mercer Island, WA
Summary
A 25-unit apartment building located on the north end of Mercer Island. Every unit and common area is slated for a $1.5 million renovation. Rents are targeted to increase from an average of $2.00/sf to over $3.00 within 24 months. In the sixth year, the building value will have increased from $8 to $12 million, allowing for a refinance and 50% of the equity returned. Cash-on-cash returns move from an average of 9% to 9.6% after the refinance.
Overview
Price
$6,613,120.00
Asset Type
Multi Family
Strategy
Value-Add
Portfolio Size
1 Building
Unit Total
25
Syndication Process Timeline
Aquisition
2-6 Months
Mercer Tower was acquired through AGM’s syndication model, targeting a value-add opportunity with clear upside.
Strategy Implementation
12-24 Months
Increased asset value through targeted building renovations, unit-by-unit upgrades, and aligning rents with current market rates.
