Viking Apartments is a 20-unit multifamily community located minutes from Western Washington University, offering primarily three-bedroom, two-bath units that serve strong, consistent demand in the workforce housing segment.

The value-add strategy is focused and executable — interior renovations featuring LVP flooring, shaker cabinets, quartz countertops, and updated appliances are projected to drive 15–20% rent growth upon unit turn. Significant capital improvements, including new roofs, siding, copper plumbing, and upgraded electrical, are already complete, substantially reducing near-term execution risk.

The asset was acquired with bridge financing to capture cost segregation benefits and subsequently refinanced into a flexible five-year loan, with a clear path to agency financing post-stabilization. Thorough due diligence, including a city-confirmed dye test that resolved a perceived sewer line concern tied to Lincoln Creek, ensured the investment was de-risked prior to close.

With the major capital work behind us and a straightforward renovation plan ahead, Viking Apartments is well-positioned to deliver stable cash flow and long-term appreciation over a five to seven year hold.