Water’s Edge Townhomes Turnaround

Acquired by investor partners in mid-2022, Water’s Edge offered strong fundamentals with significant room for value creation. Located in a desirable area of Tacoma with proximity to water, employment centers, and high-performing schools, the property has become a sought-after rental option—even rivaling single-family homes in appeal.

Despite strong location fundamentals, the property’s interiors were dated and its outdoor amenities underutilized. Rents averaged $1,900 but didn’t reflect the property's full potential. Branding was inconsistent, and deferred maintenance was beginning to impact resident satisfaction.

What was our Strategy?

Starboard guided and executed ownerships and collaborated on and oversaw an extensive renovation and repositioning strategy:

  • Modernized unit interiors to appeal to higher-income renters

  • Added and repaired outdoor resident amenities to elevate lifestyle value

  • Rebranded the community to reflect the upgraded experience

  • Managed capital improvements efficiently and with long-term durability in mind

Results

  • NOI Growth: +21% annualized

  • Delinquency: Near-zero

  • Market Position: Achieved some of the highest rents in the submarket, attracting renters who previously sought single-family homes

  • Operational Excellence: Strong lease-up performance, sustained rent growth, and positive resident feedback

Water’s Edge is a model for smart multifamily investment—blending design, branding, and operations for better returns.