Case Study: Reverie – Beacon Hill, WA

Inspired by the escape offered in a childhood treehouse, Reverie Beacon Hill is a boutique apartment community with 23 units located on the top of Seattle’s historic Beacon Hill.  

INVESTMENT SNAPSHOT

Phase: Operations 

Location: Beacon Hill, Seattle 

Property Type: Multifamily 

Size: 23-Units, 1,450 sqft street level retail 

Completion Date: 2019 

Project Cost: $6.5m 

Appraised Value: $7.5m 

Equity Raised:  $2.25m 

Strategy: Long-term Hold & Value Creation 

Target IRR: 16%+ 

Target Cash on Cash: 6 – 8% Annually  

INVESTMENT THESIS

Strategic Location: Beacon Hill stands out as one of Seattle’s most promising growth corridors, offering unmatched connectivity, stunning natural views, and a strong community character. Centrally located with easy access to downtown Seattle, South Lake Union, and major transit routes, Beacon Hill attracts a diverse and growing tenant base seeking convenience without sacrificing neighborhood charm.

Unique Marketing Opportunity: Every home includes a full kitchen, laundry and premium finishes. Residents can enjoy grilling and relaxing on the roof deck while taking in stunning views; west over Elliot Bay and the Puget Sound to the Olympics and East over Lake Washington to Mounts Baker and Ranier.  

Highlights: The property was purchased by CP in 2017 with an existing permit for 18 units. Through an understanding of the City’s permit rules, CP increased the unit count to 23 without re-engaging design review. Construction was completed in May 2019. Lease-up was completed in less than six weeks.