Mercer Tower has started Phase two and successfully showing “Proof of Concept”.
Acquisition: December 2024
Architecture: 1960
Property Management: AGM Real Estate Group
Our investment strategy for the 60-year-old building, Mercer Tower focused on leveraging the prime North-end location and magnificent views . During the first phase, we developed a design and renovation plan for both the exterior and interior, and then implementing our efforts to meet the proforma objectives. And now that we are underway with phase two, leasing, most prospects can envision the plan, and a number of leases were secured during the months of July and August.
INTERIOR UNIT UPGRADES
Created an “in unit” Washer and Dryer, Miele brand.
LVP Flooring
Shaker Styled Cabinets
Upgraded Stainless appliance package
Designer Style Finishes
BUILDING SYSTEMS
A new pumping system to boost water pressure and meet the increased capacity requirements for in-unit washers and dryers
Venting throughout the building
EXTERIOR & COMMON AREA IMPROVEMENTS
New entry awning providing a sense of arrival and midcentury-modern aesthetic
New entry gate/front door, improving security
Hallways, foyers, and corridors updated & painted
Deck railings, dividers and roofs painted and resealed
SECOND PHASE | MARKETING & LEASING
Seven of the 25 units were renovated and leased,
We exceeded the proforma by more than 10%
The next wave of units is under construction and going through pre-leasing
Six units renewed and extended their lease another term with an increase
For more information on syndication and commercial real estate investing in the Pacific Northwest contact Troy Gessel.
AGM REAL ESTATE
Troy Gessel
Principal
C: 425.301.4422
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