Case Study: Fremont Village Apartments – Seattle, WA
- AGM REAL ESTATE
- Apr 27
- 2 min read
The Fremont Village Apartments is a 5-story 93-unit apartment building located in Fremont Village, a pocket neighborhood of Fremont with outsized demand for housing and retail. A 4-Star Built Green project with design inspired by the neighborhood’s history that utilized salvaged materials throughout as a tribute to Fremont’s past, Fremont Village is poised to move the surrounding community forward.
INVESTMENT SNAPSHOT
Phase: Operations
Location: Fremont, Seattle
Property Type: Multifamily
Size: 93-Units, 1,450 sqft street level retail
Completion Date: 2024
Project Cost: $30m
Appraised Value: $32m
Equity Raised: $9m
Strategy: Long-term Hold & Value Creation
Target IRR: 16%+
Target Cash on Cash: 6 – 8% Annually
INVESTMENT THESIS
Strategic Location: Fremont Village offers a rare combination of neighborhood charm and unmatched connectivity in Seattle’s urban core. Nestled in a quiet residential pocket of Fremont—one of Seattle’s most coveted neighborhoods—the property benefits from immediate proximity to major tech campuses, including Adobe and Tableau, with easy access to Google, Facebook, Amazon, and South Lake Union’s booming innovation hub.
Unique Marketing Opportunity: Fremont Village is tucked away in a quiet residential neighborhood in one of Seattle’s most coveted neighborhoods. This truly unique, core Seattle location is enhanced by its proximity to high-tech goliaths Adobe and Tableau in Fremont and Google, Facebook and Amazon.com in South Lake Union. No other property in the Seattle core has the quiet yet cultured neighborhood atmosphere of Fremont Village and a distinct central location with supreme access to Fremont, Ballard, Queen Anne, The University District, South Lake Union and the Seattle CBD.
Highlights: Every unit features a full kitchen, washer/dryer and top-quality finishes. Amenities include WFH/gathering space, bike storage, interior courtyard, and roof deck with 180-degree view over Lake Union from the Cascades to the Olympics. The building was completed in early 2024, was fully leased by July 2024, and is beating proforma rents.
