A partnership between NorCal-based L5 Real Estate Investments and Seattle-based Shuler Architecture has acquired Innsbruck Apartments, a 31-unit multifamily property in SeaTac. “We see the asset as a prime opportunity to add value through a major renovation,” notes L5 Real Estate founder and managing partner Michael Flaherty (middle, snapped with a friend on the left and basketball analyst Bill Raftery on the right).
Built in 1967 and renovated in 2007, the property nevertheless suffers from a significant degree of deferred maintenance. The new owners will undertake an extensive renovation to meet the high demand in the area for residential space.
"There's heightened demand for suburban markets outside the Downtown area, as rents there are rising at a rapid pace," Michael says. Exterior improvements will include paint, energy-conserving features such as LED lighting, upgraded railings, new signage, additional parking and landscaping. Unit interiors will be upgraded, too.
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