Tarmigan at Wapato Creek

Fife, WA Project Type: Conventional, garden style 152 homes

 

Project Description:

• Property launch and stabilized operating engagement for new, conventional apartment community.

 

Objective:

• Introduce new higher end price point apartments to Fife submarket and achieve stabilized occupancy within 9 months.

 

Result:

• Full absorption was achieved in 7 months with an average of 22 rentals per month allowing the permanent financing to be placed several months ahead of plan.
• In the 2nd year post stabilization, we implemented a shared site business manager arrangement contributing to net operating income growth of 15.5% 2 years post lease up stabilization.

 

Website:

http://www.tarmiganapartments.com