24-unit Garden Style Turnaround
Port Orchard, WA
Starboard recently took over this 24-unit garden-style apartment building in Port Orchard. There were immediate opportunities with vacant units to complete renovations and lease units to market rents. On average, Starboard is leasing units at $300 - $400 more per unit than when the owner bought the building in October, adding $75,000 value per unit. Starboard is also actively managing deferred maintenance left over from the past owner, and helping the new owners find creative ways to improve the property for its residents.
7-unit Property
Tacoma, WA
This classic 1930s brick building was purchased by our clients in 2019. At acquisition, most rents were between $850 and $950 for the mostly one-bedroom units. Starboard helped determine an affordable renovation plan, spending between $3,000 and $7,000 per unit, depending on the condition of the unit. Starboard was then able to raise rents as units went vacant or leases expired, and new leases average over $1,200. '
We have also instituted a utility reimbursement program (RUBS) and maintenance and capital expenditure plan with the owner, who has a goal of holding the property for the long term. We have helped add more than $450,000 in value at the property at a cost of roughly $35,000 to the property owner
4-unit Conversion
Tacoma, WA
Starboard actively manages this converted 4-unit building in Tacoma’s 6th Ave neighborhood. We have helped the owners manage unforeseen events like leaky pipes and necessary maintenance issues that happen at all properties, while keeping their stress levels low! Starboard has instituted a utility reimbursement program (RUBS) to increase income at the property. We also actively work with tenants to help guide them toward rental assistance resources for those affected by COVID-19, keeping delinquency low at the property.
