Case Study: Ondine Eastlake – Seattle, WA

Quintessentially Seattle. Ondine Eastlake offers the best of city-living at the water’s edge. Natural materials mix with moody vibes inside and out, from the Shou Sugi Ban exterior to the light-filled interiors that frame the one in a million view of Seattle.

INVESTMENT SNAPSHOT

Phase: Operations 

Location: Eastlake, Seattle 

Property Type: Multifamily 

Size: 57-Units, 1,450 sqft street level retail 

Completion Date: 2024 

Project Cost: $18m 

Equity Raised:  $6m 

Strategy: Long-term Hold & Value Creation 

Target IRR: 16%+ 

Target Cash on Cash: 6 – 8% Annually  

INVESTMENT THESIS

Strategic Location: The property is located in the Eastlake neighborhood of Seattle. It offers easy access to the region’s top employers, medical facilities and educational institutions.  

Unique Marketing Opportunity: Ondine Eastlake is a one-of-a-kind 57-unit boutique apartment community. Every home is furnished with a full kitchen, laundry, keyless entry and top-quality design and finishes. Amenities include gym, bike storage, and an indoor/outdoor roof deck with 180-degree view over Lake Union from downtown to Gas Works Park.   

Highlights: The property was purchased in anticipation of the City’s upzone allowing for a 65-foot height. Lease-up was an impressive 6 months. Unit rents are exceeding proforma. 

RESULTS

Successful Exit: Sold for $11,736,719, delivering a 39.34% internal rate of return (IRR) and a 1.88x equity multiple over a two-year hold period.

Capital Preservation and Growth: The strategic 1031 exchange allowed for continued tax-deferred growth of investor capital into a larger, higher-value asset.

Operational Impact: Asset management initiatives helped maintain full occupancy and strong cash flow during the hold period, supporting consistent distributions and a successful exit.