Pine Ridge

Description

Pine Ridge Apartments is a 116 units complex in Bremerton, Washington (west of Seattle, across the Puget Sound). Varia US Properties acquired the property in March 2017 from a real estate investment firm headquartered in San Diego that owns $1 billion of workforce housing on the west coast. It has invested substantial capital over the past several years of ownership in roofs, exterior, and common areas and rents have increased by more than 8% over the past year.
The asset is located in a working class neighborhood with median household income above the Varia portfolio average. Per capita income has grown at 2.9% annually since 2000, unemployment is low at 3.9%, and 1⁄2 the residents are renters.

City
Bremerton
State
Washington
Aquisition date
March 2017
Number of units
116
Surface area
10367 m2
Fair value
16.4 Mio USD