ROYAL VIEW APARTMENTS...ROYAL VIEW APARTMENTS 200 MILTON WAY, MILTON, WA 98354 CONTACT INFORMATION:...
Transcript of ROYAL VIEW APARTMENTS...ROYAL VIEW APARTMENTS 200 MILTON WAY, MILTON, WA 98354 CONTACT INFORMATION:...
ROYAL VIEW APARTMENTS200 MILTON WAY, MILTON, WA 98354 CONTACT INFORMATION:
STEVE FISCHERSTEVE FISCHERPRINCIPAL BROKER
TTYLER SMITHYLER SMITHPRINCIPAL BROKER
JOE KJOE KINKINKOPFOPFBROKER
Price: $3,000,000
Price Per Unit: $187,500
Price Per NRSF: $182.82
Cap Rate: 6.37%
Market Cap Rate: 7.11 %
GRM: 7.30
Building Size: 17,908 SF
Lot Size: 3.09 Acres
Year Built: 1984
Year Renovated: 2017
WESTLAKE ASSOCIATES IS PROUD TO PRESENT A 16 UNITVALUE ADD OPPORTUNITY IN MILTON, WA.
Originally built in 1984 and substantially renovated in the last couple of years, the Royal ViewApartments is a 16-unit under managed apartment building in Milton, WA. The building consistsof large two and three bedroom units with an average unit size of 1,025 SF. All of of the unitshave their own private garages with a total of 17 garages onsite. 10 of the 16 units have beenrenovated, giving the new owner the opportunity to further improve the asset and pushcashflow. With renovation of the 6 remaining units, new ownership could push rents on averageof $227 per unit to get to proven current renovated rents. If new ownership chooses to notpursue further renovations; there is loss of lease of $775 per month, with some units being asmuch as $155 below current market. Additionally, there is a clear path to reduce utility cost withthe implementation of utility metering system. Trailing 12 months utility cost were $33,646,while pass through utility recovery is currently budgeted at $1,410 per Month ($88 per unit) or$16,920 annually. Projected utility metering along with continued pass through of garbagebilling could achieve as much as 95% utility recovery which could boost NOI an estimated$12,000 - $14,000 per year.
200 Milton Way, Milton, WA 98354
ADDRESSADDRESS
PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTSSTSTABILIZED ASSET WABILIZED ASSET WITH GREAITH GREAT CASH FLT CASH FLOOW AW AT CLT CLOSINGOSING
110 OF 16 UNITS HA0 OF 16 UNITS HAVE BEEN RENOVE BEEN RENOVVAATEDTED
ABILITABILITYY TTOO RENORENOVVAATETE REMAININGREMAINING UNITSUNITS WWITHITH EXISTINGEXISTING UNITSUNITS ASAS MUCHMUCH ASAS $300$300 BELBELOOWWRENORENOVVAATED RENTTED RENT
IN PLIN PLAACE 6.37% CAP RACE 6.37% CAP RATE WTE WITH PROFESSIONAL MANAITH PROFESSIONAL MANAGEMENTGEMENT
PERFEPERFECTLCTLYY SITUSITUAATEDTED TTOO INSTINSTALLALL WWAATERTER METERMETER ANDAND INCREASEINCREASE UTILITUTILITYY PPASSASS THROUGHTHROUGH TTOOTENANTSTENANTS
WWAATER METERING POTER METERING POTENTIALLTENTIALLY ESTIMAY ESTIMATED TTED TO CUT OPERAO CUT OPERATING EXPENSES BTING EXPENSES BY OY OVER 1VER 10%0%
$12,$12,000000 -- $14,$14,000000 POPOTENTIALTENTIAL NOINOI BOOSTBOOST WWITHITH WWAATERTER METERMETER INSTINSTALLALL -- $233,333$233,333 POPOTENTIALTENTIAL VVALALUEUEADDADD
ALL UNITS ARE 2 BEDROOM OR 3 BEDROOMS (TALL UNITS ARE 2 BEDROOM OR 3 BEDROOMS (TOOTTAL OF 34 BEDROOMS)AL OF 34 BEDROOMS)
17 PRIV17 PRIVAATE GARATE GARAGE SPGE SPAACESCES
WWASHER AND DRYER IN EVERY UNITASHER AND DRYER IN EVERY UNIT
FIREPLFIREPLAACES, OPEN KCES, OPEN KITITCHENS AND WCHENS AND WALK IN CLALK IN CLOSETSOSETS
CCOPPER PLOPPER PLUMBING / WUMBING / WIRING / DOUBLE PIRING / DOUBLE PANE WANE WINDOINDOWSWS
CLCLOSE PROOSE PROXIMITXIMITY TY TO INTERSTO INTERSTAATE 5 - EASY ATE 5 - EASY ACCCESS NORTH OR SOUTHCESS NORTH OR SOUTH
CLCLOSE PROOSE PROXIMITXIMITY TY TO FUTURE SOUND TRANSIT LIGHT RAIL LINESO FUTURE SOUND TRANSIT LIGHT RAIL LINES
FEDERALFEDERAL WWAAYY LIGHTLIGHT RAILRAIL LINELINE CCOMPLETEDOMPLETED BBYY 20202244 (BL(BLOCKSOCKS FROMFROM PROPOSEDPROPOSED TTAACCOMAOMAEXTENSION STEXTENSION STAATIONS)TIONS)
OFFERING SUMMARY
SALE PRICESALE PRICE $3,$3,000,000,000000
LLOCAOCATION INFORMATION INFORMATIONTION
Building Name Royal View Apartments
Street Address 200 Milton Way
City, State, Zip Milton, WA 98354
County/Township Pierce
Market Puyallup MF
Submarket Outlying Puyallup MF
Cross Streets Milton Way and 20th Street E
Side Of Street East
Nearest Highway Interstate 5 - 1/2 mile
Nearest Airport Sea-Tac - 21 miles
BUILDING INFORMABUILDING INFORMATIONTION
Building Size 17,908 SF
Occupancy % 95.0%
Number Of Floors 3
Year Built 1984
Last Renovated 2017
Gross Leasable Area 16,410 SF
Framing Wood
Condition Good
Roof Tile
Number Of Buildings 4
PROPERTPROPERTY DETY DETAILSAILS
Property Type Multifamily
Property Subtype Low-Rise/Garden
Zoning RM
Lot Size 3.09 Acres
APN# 0420086007
Submarket Outlying Puyallup MF
Traffic Count 10,590
Traffic Count Street Milton Way
PPARKARKING & TRANSPORTING & TRANSPORTAATIONTION
Street Parking Yes
Parking Type Structure
Number Of Spaces 42
Parking Description 50 total stalls with 17 private garages
UTILITIES & AMENITIESUTILITIES & AMENITIES
Restrooms 20
Landscaping Garden style with asphalt parking
Power Yes
Plumbing Description Copper
Exterior Description Wood material
Interior Description
Utilities Description Not sub metered for water
PROPERTY DETAILS
Number of Units 16
Year Constructed 1984
Remodel 2017
Rentable SF 16,410 SF
Lot Size 3.09 Acres
Zoning RM
Exterior Wood material
Sale Price $3,000,000
Price per Unit $187,500
Price per NRSF $167.52
Price per Land SF $22.29
Current Cap 6.37%
Current GRM 9.70
Market Cap 7.11%
Market GRM 8.84
Loan Amount $1,938,000
Down Payment $1,062,000
Rate 4.750%
% Down 35.4%
Amortization 30
Term 5 Years
Monthly Payment $10,109
Annual Payment $121,314
PROPERTY OVERVIEW
PRICE ANALYSIS
FINANCING
# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF
12 2/1 975 $1,405 $1.44 $1,465 $1.50
2 2/2 975 $1,620 $1.66 $1,645 $1.69
2 3/2 1,380 $1,822 $1.32 $1,825 $1.32
Total | AVG $23,744 $1.45 $24,520 $1.49
CURRENT PROFORMA
Scheduled Rent Income $284,940 $294,240
+ Other Income $4,956 $4,956
+ Utility Bill Back $16,920 $28,800
+ Pet Rent $1,200 $1,800
+ Parking Income $1,200 $9,600
Scheduled Gross Income $284,$284,928928 $339,396$339,396
- Vacancy & Cr Losses (5.00%) $15,460 $16,969
Gross Income $293,755 $322,426
CURRENT PER UNIT PROFORMA PER UNIT
Real Estate Taxes (2018) $23,154 $1,447 $28,500 $1,781
Insurance (2016) $5,000 $312 $5,000 $312
Utilities W/S/G/E $33,646 $2,102 $33,646 $2,102
Management $13,219 $826 $14,509 $906
Resident Manager $6,000 $375 $6,000 $375
Maintenance / Turnover $12,800 $800 $12,800 $800
Grounds $4,800 $300 $4,800 $300
Reserves $4,000 $250 $4,000 $250
Total Operating Expenses $102,619 $6,4$6,41313 $109,255 $6,$6,828828
Net Operating Income $191,136 $11,$11,946946 $213,171 $13,323$13,323
Less Annual Debt Service ($121,314) ($7,582) ($121,314) ($7,582)
Cash Before Taxes $69,822 $4,363 $91,857 $5,741
Plus Principal Reduction $29,905.00 $1,869.06 $29,905.00 $1,869.06
Total Return Before Taxes $99,727.20 $6,232.95 $121,762.20 $7,610.14
INCOME
EXPENSES
FINANCIAL OFFERING
The statements, figures & computations herein, while notguaranteed, are secured from sources we believe reliable. Investorsshould verify all numbers, computations, and assumptions beforecommitting to an investment.
INVESTINVESTMENT OMENT OVERVIEWVERVIEW CURRENTCURRENT MARKMARKETET
Price $3,000,000 $3,000,000Price per Unit $187,500 $187,500CAP Rate 6.37% 7.11%GRM 9.70 8.84Cash-on-Cash Return (yr 1) 6.57% 8.65%Total Return (yr 1) $99,727 $121,762Debt Coverage Ratio 1.58 1.76
OPERAOPERATING DTING DAATTAA CURRENTCURRENT MARKMARKETET
Gross Scheduled Income $309,210 $339,396Other Income $24,276 $45,156Total Scheduled Income $309,210 $339,396Vacancy Cost $15,460 $16,969Gross Income $293,755 $322,426Operating Expenses $102,619 $109,255Net Operating Income $191,136 $213,171Pre-Tax Cash Flow $69,822 $91,857
FINANCING DFINANCING DAATTAA CURRENTCURRENT MARKMARKETET
Down Payment $1,062,000 $1,062,000Loan Amount $1,938,000 $1,938,000Debt Service $121,314 $121,314Debt Service Monthly $10,109 $10,109
FINANCIAL SUMMARY
TThe statemenhe statements, figurts, figures & computations heres & computations herein, while not guaranein, while not guaranteed, arteed, are secure secured fred fromomsoursources we believe rces we believe reliable. Ieliable. Innvestors should verify all numbers, computations, andvestors should verify all numbers, computations, andassumptions beforassumptions before committing to an ine committing to an investmenvestment.t.
UNITSBEDROOM/
BATHSIZE RENT PSF MARKET
RENTMARKET RENT
PSF
200-A 3 x 2 1,380 $1,750 $1.27 $1,825 $1.32
200-B 2 x 1 975 $1,345 $1.38 $1,465 $1.50
200-C 3 x 2 1,380 $1,895 $1.37 $1,825 $1.32
200-D 2 x 1 975 $1,250 $1.28 $1,465 $1.50
202-E 2 x 1 975 $1,295 $1.33 $1,465 $1.50
202-F 2 x 2 975 $1,595 $1.64 $1,645 $1.69
202-G 2 x 1 975 $1,295 $1.33 $1,465 $1.50
202-H 2 x 2 975 $1,645 $1.69 $1,645 $1.69
204-1 2 x 1 975 $1,550 $1.59 $1,465 $1.50
204-2 2 x 1 975 $1,495 $1.53 $1,465 $1.50
204-3 2 x 1 975 $1,395 $1.43 $1,465 $1.50
204-4 2 x 1 975 $1,550 $1.59 $1,465 $1.50
206-5 2 x 1 975 $1,395 $1.43 $1,465 $1.50
206-6 2 x 1 975 $1,550 $1.59 $1,465 $1.50
206-7 2 x 1 975 $1,395 $1.43 $1,465 $1.50
206-8 2 x 1 975 $1,345 $1.38 $1,465 $1.50
1616 16,416,41100 $23,7$23,74545 $1.45$1.45 $2$24,5204,520 $1.50$1.50
AAveragesverages 1,1,002525 $1,484$1,484 $1.45$1.45 $1,532$1,532 $1.50$1.50
RENT ROLL
Royal View Apartments
LOCATION MAPS
INTERIOR PHOTOS
INTERIOR PHOTOS
INTERIOR PHOTOS
EXTERIOR PHOTOS
WESTLAKE ASSOCIATES, INC
The Sound Transit 3 Plan:
• Adds 62 NEW MILES OF LIGHT RAIL withstations serving 37 additional areas for aregional system reaching 116 miles.
• Establishes BRT on I-405/SR-518 andSR-522/NE 145th.
• Expands capacity and service of theSounder south rail line.
• Includes ST Express bus service.
• Improves access to stations for bicyclists,pedestrians, drivers, and pick-up anddrop-off services, and expands parking atstations.
SOUND TRANSIT 2 OVERVIEW
SR 516
S 320TH STREET
S 272ND STREET
54TH AVENUE E
PORTLAND AVENUE E
SR 161
SR 18
SR 99
I-5
I-5
South 272nd
Federal Way Transit Center
South Federal Way
FifeEast TacomaTacomaDome
LENGTH (MILES) 15
REGIONAL LIGHT RAIL SPINE YES
RIDERSHIP (DAILY PROJECT RIDERS) 44,000—60,000
CAPITAL COST (2014 $ M) $2,856—$3,055
ANNUAL O&M COST (2014 $ M) $33
TRAVEL TIME (MIN) 27
RELIABILITY HIGH
SYSTEM INTEGRATION MEDIUM
EASE OF NON-MOTORIZED ACCESS MEDIUM-LOW
PERCENT OF NON-MOTORIZED ACCESS 20—35%
CONNECTION TO PSRC-DESIGNATED REGIONAL CENTERS 3 CENTERS
LAND USE ANDDEVELOPMENT/TOD POTENTIAL
PLANS AND POLICIES MEDIUM
MARKET SUPPORT MEDIUM-LOW
ACTIVITYUNITS
POP PER ACRE (2014/2040) 4 / 6
EMP PER ACRE (2014/2040) 4 / 6
POP+EMP PER ACRE (2014/2040) 8 / 13
SOCIOECONOMICBENEFITS
MINORITY/LOW-INCOME 52% / 20%
POPULATION (2014/2040) 12,200 / 18,500
EMPLOYMENT (2014/2040) 11,400 / 18,300
AT GRADE
LIGHT RAIL SOUND MOVE/ST2
SOUND MOVE/ST2 STATION
STATION AREAELEVATED
MAP KEY
For additional information on evaluation measures, see http://soundtransit3.org/document-libraryDate Last Modified: 07-21-2016
AT GRADE
LIGHT RAIL SOUND MOVE/ST2
SOUND MOVE/ST2 STATION
STATION AREAELEVATED
MAP KEY
Click Here for More About theKent/Des Moines to Tacoma Light Rail
N ORCHARD STREET
S JACKSON AVENUE
S 19TH STREET
I5
I5
SR 16
SR 16
SR 509
I705
HilltopSprague
UnionStevens
PearlTacoma Community College
Fly Over the Federal Way
WESTLAKE ASSOCIATES, INC
Click Here for More About the Tacoma Link Extension to Tacoma Community
KEY
Current
Planned ST3
New StationNew Station / Added ParkingImproved StationMajor Retail Transfer
SOUND TRANSIT 3 | LINK LIGHT RAIL PROJECTS
S 56TH STREET
100TH STREET SW
150TH STREET SW
BERKELEY STREET SW
41ST DIVISION DRIVE
DUPONTSTEILACOOM ROAD
S 74TH STREET
SR 512
I-5
Tillicum
DuPont
WESTLAKE ASSOCIATES, INC
Click Here for More About the SounderExpansion to DuPont
KEY
Current
Planned ST3
New Station / Added ParkingImproved Station
SOUND TRANSIT 3 | COMMUTER RAIL PROJECTS
WESTLAKE ASSOCIATES, INC
KEY
Current ST Express Buss
Planned ST3
New StationNew Station / Added ParkingImproved StationMajor Retail Transfer
SR 5
20
I90
MAPLE VALLEY HWYI5
SR 167
SR 522
SR 5
09
SR 527
I5
Lynnwood TC
Canyon Park
UW Bothell/NE 195th
Brickyard
Totem Lake/Kingsgate
Bellevue TC
SouthRenton
NE 44th St Renton
Burien TC
Tukwila Intl Blvd
NE 85th St Kirkland
BRT STATION
MAP KEY
EXISTING FACILITY
Click Here for More About the I-405Bus Rapid Transit
SOUND TRANSIT 3 | BUS RAPID TRANSIT
WESTLAKE ASSOCIATES, INC
Milton Way
24th St E
36th St E
48th St E
20th St E
N M
eridian A
Valley Ave E
Taylor Way
5
5
509
167
167
161
161
99
1
2
4
3
5
1
Futuer SoundTransit Station
READ THE FULL ARTICLE HERE
First Construction Step on SR-167 Extension to Start Next Year
TOLLING SR 167
All lanes on the new portion of SR-167 will be tolled using two electronic toll points. There will be no tollbooths. Toll rates will be set by time of day – more during peak periods and less during mid-day, evenings and weekends. Toll rates for the new portion of SR-167 have not been determined. A toll authorization bill must be passed by the Legislature before tolling begins. $95 million from tolls will be used to construct the SR-167 Completion project. The Washington State Transportation Commission would then oversee the rate-setting process. The rate-setting process will begin closer to when the project is completed.
WORKING WITH SOUND TRANSIT
WSDOT is working closely with Sound Transit on the Tacoma Dome Link Extension project as both agencies work to build new major infrastructure projects in the area.
RIPARIAN RESTORATION PROGRAM (RRP)
The RRP is a watershed strategy for stormwater management that will use an innovative approach to conventional flow control facilities. It will reduce flood levels, improve degraded stream and riparian corridor habitat, and provide benefits to fish and wildlife.
DIVERGING DIAMOND INTERCHANGE (DDI)
Through this project, WSDOT will implement the state’s second Diverging Diamond Interchange. The DDI will function as an on and off ramp to I-5. The unique design will improve traffic safety by decreasing the amount of conflict points throughout the interchange.
SINGLE POINT URBAN INTERCHANGE (SPUI)
A single point urban Interchange, known as a SPUI, is planned to be constructed at the new interchange between SR-167 and SR-161. These interchanges are efficient and only utilize one traffic signal to control all the movements at the interchange.
1
2
3
4
5
Subject Property
Future
SR-167 EXPANSION
LOCATION
PIERCE COUNTY IN THE NEWS
“If you’re looking for a single-bedroom apartment in Tacoma, get ready to pay up. Rents for single-bedroom apartments have risen faster than the market as a whole, according to Seattle-based real estate data firm Zillow...”
Tacoma apartment rents see steep rise in 2016, data show.
THE NEWS TRIBUNE
CLICK HERE FOR FULL ARTICLE
CLICK HERE FOR FULL ARTICLE
We’re growing faster than King County - and our rents prove it.
THE NEWS TRIBUNE
“...Tacoma is tied for No. 6 in the nation for highest year-over-year rent increase...”
CLICK HERE FOR FULL ARTICLE
Tacoma rent is rising faster than Seattle rent.
CURBED SEATTLE
“Apartment List (AL)’s latest numbers show the city of Tacoma’s median rent as having a 7.4 percent increase since this time last year, with $1,230 for a one-bedroom or $1,530 for a two-bedroom—the former just $150 per month behind Seattle’s.”
“We had to go to work finding her a place to live. It’s a tough situation. People want to capitalize on the investment they made. That’s why they made it. But then… ”
In a hot market, life can get hard fast when your home is someone else’s investment.
THE NEWS TRIBUNE
CLICK HERE FOR FULL ARTICLE
Apartments go fast in Tacoma - why you probably can’t evenfind one online.
THE NEWS TRIBUNE
“...Nearly 200 people per day moved to Pierce, King, Kitsap and Snohomish counties from mid-2013 through mid-2017, state and Census data show. That’s about 285,900 people total. At the same time, only 82,521 housing units were built in those areas.”
CLICK HERE FOR FULL ARTICLE
“The light rail extension from Federal Way to Tacoma is on track to begin with public involvement on alignment alternatives early next year. Establishing early community consensus on route and station locations will be important to staying on time.”
Sound Transit steady-as-she-goes on Tacoma light rail plans, CEO says.
THE NEWS TRIBUNE
CLICK HERE FOR FULL ARTICLE
LOCATION
PIERCE COUNTY IN THE NEWS CONTINUED
“Tacoma’s resulting double-digit rent increases have landed the City of Destiny on the latest ignoble list: Cities in the nation with the highest year-over-year rent increases.The list compiled by RentCafe places Tacoma fourth in the nation for the highest percentage rent increase. The top five include the California communities of Stockton, Modesto and Sacramento. Lancaster, California, in northern Los Angeles County, was at the top of the list.”
Thanks again, Seattle: Tacoma’s rising rents, affordability takes hits in new lists.
THE NEWS TRIBUNE
CLICK HERE FOR FULL ARTICLE
CLICK HERE FOR FULL ARTICLE
“By the end of 2016, Gig Harbor had 6 percent more residents than the year before, according to data compiled by the Puget Sound Regional Council. That’s 510 more residents, according to the report, which uses information from the state Office of Financial Management. Tacoma attracted the most new residents of any city in Pierce County. Last year, the city gained 3,800 more people, bringing the city’s population to around 206,100 residents. That’s a growth rate of nearly 2 percent, the regional council’s report said.”
Feeling more crowded in Gig Harbor or Tacoma? Growth numbers agree.
THE NEWS TRIBUNE
CLICK HERE FOR FULL ARTICLE
“Ranking third, Tacoma’s 98403 registered a median sale price of $439,500. Tacoma’s 98407 has the largest residential transaction in Pierce County so far- the property at 4501 North Stevens Street changed hands in late September 2017 for $5,356,666.Here are some more highlights from the Property Shark study:- Fox Island’s 98333 is #1 most expensive zip code in Pierce County, and is the only PierceCounty zip code featured in the top 50 priciest zips in Washington state- Tacoma has two more zip codes in the top 10, 98422 and 98407, ranking 6th and 10threspectively.”
Housing market reports - Tacoma has one of the fastest growing rents in State.
TACOMA DAILY INDEX
PUGET SOUNDSet in the beautiful Pacific Northwest, the greater Seattle area is a national center for manufacturing, technology, services, international trade and tourism.
MAJOR EMPLOYERS
Today some of the world’s most recognizable Fortune 500 companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 Networks and Nintendo of America.
According to the Puget Sound Business Journal, technology companies are leading the way in employment growth in the Seattle MSA. As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation’s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World Headquarters, located in Redmond is over 10 million square feet.
The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center.
The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world’s largest aerospace company, second-
largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington.
Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by 2040.
INTERNATIONAL TRADE
Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle, which also operates the Seattle-Tacoma International Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest.
RECREATION
The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle’s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World’s Fair. Seattle is home to a number of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team.
PUGET SOUND LARGEST EMPLOYERS
80,000Employees
JOINT BASE LEWIS-MCCHORD
56,000Employees
42,000Employees
25,000Employees
40,000Employees
20,000Employees
10,000Employees
15,000Employees
13,000Employees
20,000Employees
PUGET SOUND SUMMARY
STEVE FISCHER JOE KINKOPFTYLER SMITH
Principal Broker BrokerPrincipal Broker
PROFESSIONAL BACKGROUND PROFESSIONAL BACKGROUNDPROFESSIONAL BACKGROUNDA lifetime resident of the Seattle area, Steve graduated from the University of Washington with a degree in Economics. Beginning his real estate career as an analyst, his work ethic quickly tran-sitioned from analyst to full time apartment broker. Since the inception of his brokerage career, Steve has successfully closed over $100 million in sales totaling over 100 transactions. To expand his skill set, Steve also manages a portfolio of 130 apartment units in the Seattle area.
Steve excels at problem solving to complete his client’s invest-ment goals. His diverse background of brokerage and manage-ment provide a unique spectrum of knowledge. Drawing from this knowledge allows him to guide his clients not only through the sales process, but to also navigate the operational side of owning an apartment building. He truly is “A Wealth of Experience.”
A firm believer of investing in real estate as a module to gain wealth, Steve has been actively investing in Seattle real estate since 2011. In 2012, he was unanimously voted a partner at West-lake Associates, Inc. Away from the office, Steve is a huge sports fan, enthusiast of the outdoors, enjoys cooking, an avid soccer player and a die-hard husky.
Joe specializes in the sale of multifamily properties in the Puget Sound. Upon graduation from the University of Washington, Joe began his career at Westlake.
Growing up in North King County, Joe acquired a fascination with real estate after seeing the great change in his hometown as a result of urban growth. Joe enjoys looking at the numbers and analyzing different markets throughout the Puget Sound region to help his clients make the right investment decisions.
Joe stresses the importance integrity and believes that dealing honestly with clients is the greatest priority in business.
For over 13 years, Tyler has specialized in the sale of middle market multi-family assets in the Puget Sound Region. Tyler’s extensive experience includes the sale of various types of asset size and classifications. As an apartment owner himself, Tyler understands the importance of evaluating each client’s needs individually and carefully. Since joining Westlake Associates, he has consistently been one of the firm’s top performers and quickly rose to Partner. Tyler’s consistent effort and drive have earned him Westlake Asso-ciates Top Producer award.
Education
Tyler earned a degree in economics from the University of Wash-ington. Tyler worked in finance for a company headquartered in Irvine, CA before returning home to the Pacific Northwest. He joined Westlake Associates in 2004 and currently resides with his wife and two boys in Northeast Seattle.
1200 Westlake Ave N, Suite 310 Seattle, WA 98109T 206.505.9435C [email protected]
1200 Westlake Ave N, Suite 310 Seattle, WA 98109T 206.505.9403C [email protected]
1200 Westlake Ave N, Suite 310 Seattle, WA 98109T 206.505.9425C [email protected]
BROKER BIO & CONTACT