Investment Overview

The Seattle Investment Sales Team of IPA has been retained as the exclusive listing brokers for the sale of Cambridge Square, a 201-unit multifamily community centrally located in Burien, Washington within 15 – 30 minutes of the powerhouses of Seattle, Tacoma, and Bellevue. Cambridge Square presents a value-add investment opportunity with significant upside within a strong submarket of the Seattle MSA.

Cambridge Square offers excellent connectivity to the region’s major transportation routes. With quick access to State Routes 518 and 509, as well as Interstate 5, the property provides seamless travel to downtown Seattle, Sea-Tac International Airport, Southcenter, and the greater Puget Sound area. Downtown Seattle, Renton, Kent Valley, and the Seattle-Tacoma International Airport are all five to 20 minutes away. Burien Transit Center, just one mile west of Cambridge Square, provides frequent bus service to Seattle, Bellevue, and other key destinations throughout the region. The property is also conveniently located near several major retail and lifestyle destinations. Southcenter Mall – one of Washington’s largest shopping centers – is just 10 minutes away, offering more than 200 stores, restaurants, and entertainment options. Burien Town Center, less than five minutes from Cambridge Square, features a vibrant mix of local dining, shopping, grocery, and civic amenities, including the Burien Library and seasonal farmer’s market. Additional nearby conveniences include Trader Joe’s, PCC Community Markets, and a variety of national retailers along 1st Avenue South.

Value-Add Investment Opportunity

Compelling value-add opportunity through targeted operational improvements and strategic capital improvements. Significant upside can be realized by renovating unit interiors and enhancing and reprogramming common areas. Nearby renovated communities are achieving rent premiums of $150 to $250 per unit over Cambridge Square’s current in-place rents.

Suggested Interior Renovations

Recommended interior upgrades include new cabinet boxes with modern shaker-style doors, quartz countertops with undermount sinks, stainless steel appliances, LVP flooring in living and wet areas, upgraded fixtures, and 2” faux wood blinds. All 17 renovated units on site reflect a similar scope.

Suggested Common Area Renovations

Exterior and common areas are primed for renovation, and suggested upgrades include reprogramming the secondary clubhouse and pool to add a fitness center, outdoor gazebo with BBQ grill and seating areas, and community re-branding, all of which will drive rents further.

Large Floor Plans, Balanced Unit Mix

One-, two-, and three-bedroom homes averaging ±930 square feet including 78 two-bedroom townhomes. Most homes have walk-in closets and select homes feature private balconies or patios and fireplaces.

First Time on the Market

Long-term private ownership has diligently maintained the property and grounds. The attentive approach to property operations has led to high retention rate and a strong operating history with an average occupancy rate of 95% over the last 12 months.

Easy Access to Major Employers

Convenient access to major employment centers across the Puget Sound region. Downtown Seattle, Kent Valley, Renton, and Seattle-Tacoma International Airport are all within a five to 20 minutes.