Gorge Apartments are located in Washington State. This property consists of a 16 units in total. Upon acquisition, this asset suffered from extreme mismanagement and deferred maintenance. Leaky faucets, bed bugs, felons, drug dealers, trashed units, etc. While many investors may view these attributes as a deterrent, we were very bullish considering the acquisition price and terms.
Following a full renovation and subsequent reposition of the tenant base, we were able to force appreciate the asset through NOI optimization. Due to the changing political environment within Washington State, we decided to sell the asset in 2022.