Challenge

After 35 years of fastidious stewardship and management of the Elliott View, the owner was ready to transition away from a full-time role managing his building into a more passive investment opportunity. Over the span of his ownership, he had carefully maintained the Elliott View, replacing and modernizing its major systems, updating units and replacing fixtures with matching vintage hardware. Located on the south slope of Queen Anne and next door to Ward Springs Park, the Elliott View was a pole position asset and was the kind of quality building that an investor would be fortunate to purchase. The seller needed a team that would understand and clearly communicate the quality and care taken with this Queen Anne gem. One key challenge was, despite an amazing track record of zero vacancy over the years, the rent was also below market, so lenders were not willing to lend a very high percentage of loan dollars on the building, relative to the purchase price. During an active prohibition of rent increases, and a time when market rents were in fact falling, it was critical that buyers be convinced of eventual return to a rental environment that would allow the building to perform financially