Seattle First Hill Modern Apartments

14.0%
gross ann. return*
9 mo.
term remaining
D
Cash Flowing to Investors
Current Ann. Return 6.0%
Accrued Ann. Return 8.0%
Gross Ann. Return* 14.0%

Investment Details

Current Ann. Return 6.0%
Accrued Ann. Return + 8.0%
Gross Ann. Return* 14.0%
Term Remaining 9 of 30 mo.
Min. Investment $10,000
Investment Size $400,000
Underlying Security Preferred Equity

Investment Summary

This is an opportunity to invest in a series of Notes tied to the performance of a 30,400 SF multi-family and retail rental property located in Seattle’s First Hill neighborhood.

Key Deal Points

Attractive Design

Openness is a key design element of the ground-level experience, and indoor-outdoor flow will be emphasized in the building through the use of large operable windows and retractable doors. Street trees and streetscape furnishings will add to the ground-plane and help create an active streetscape that is suitable for a building and neighborhood interested in sidewalk dining and retail opportunities. Additionally, the property will feature a large roof deck amenity space that will provide attractive views of the Seattle skyline, Seattle University campus, and Mt. Rainier.

Proximity to Mass Transit

The First Hill Streetcar is due to start service by 2015 with a stop located only five blocks west of the subject on Broadway. The First Hill Streetcar will also eventually connect First Hill to the regional transit system’s light rail extension known as University Link.

Active Local Sponsor

Revolve is a Seattle-based real estate development, investment and consulting firm focused on multifamily residential developments and value-add projects located predominately in the Seattle market. Revolve was formed as a partnership between its two principals, John Schack and Dugan Earl. John has wide-ranging experience in all phases of design, construction, and project management. Dugan has spent the past 12 years in the commercial real estate investment industry, the majority of which was spent with a national investment advisor as an acquisitions office, where he was involved in over $2.5B of commercial real estate transactions.

Projected Return Calculator

Principal
$5,000
Gross Annual Return* 14.0%
Term 30 mo.
Total Return*

Fundrise Rating

The Fundrise Rating is a letter rating ranging from A to E that provides investors with the ability to easily compare investments across the Fundrise platform. The Fundrise rating measures the relative risk-adjusted return of an investment. Learn more
D2
A
1
2
3
B
1
2
3
C
1
2
3
D
1
2
3
E
1
2
3
Category Assessment Points
Capital Senior to Fundrise 60-69% 3
Capital Junior to Fundrise 20-29% 3
Location Primary 1
Occupancy Vacant 3
Development Phase Ground-up 3
Sponsor’s Track Record Less than $50 million 3
Overall 16 D2

The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Risk-Adjusted Return

Capital Structure

Type Source % of Total Amount
Equity Sponsor & Limited Partner Equity 23.2% $1,993,269
Preferred Equity Fundrise Investment 11.6% $1,000,000
Debt HomeStreet Bank 65.2% $5,600,000
Total 100.0% $8,593,269

Property Summary

The property will include a four-story wood frame structure consisting of 32 residential units and approximately 3,600 SF of street-level retail. The structure will be constructed above a subterranean parking garage consisting of 16 parking stalls. 3 surface stalls will be located behind the building. The building will feature a lobby entrance for the residential units on East Jefferson Street and a rooftop deck amenity with views of Mt. Rainier and the Seattle skyline.

Address 1315 E Jefferson Street
City & State Seattle, WA
Neighborhood First Hill
Product Type Residential / Multi-Family
Project Phase Ground-Up / Construction

Market Summary

Driven by steady job growth, the Seattle residential market continues to exhibit strong fundamentals, especially within the for-rent segment. Current apartment rents in Capitol Hill and First Hill are averaging $2.85 / SF, ranging from $2.24–$3.86 / SF. Residential parking in these neighborhoods is renting for an average of $179 per month, with a range of $150–$265 per month. Given the high demand for locations in close proximity to downtown and South Lake Union, vacancy for rental product in these central neighborhoods remains low.

About the Sponsor

Dugan Earl

Principal

John Schack

Principal

Revolve was born out of a desire to utilize the partners collective skill sets in the real estate industry to create unique real estate product and investment opportunities. Revolve is focused on investments in multifamily residential developments and value-add projects, predominately located in Seattle, WA.

View full profile

Fee Schedule

Gross ann. return* 14.0%
Servicing and administration fee -0.3%
Net ann. return to investors 13.7%

Other Past Investments

Atlanta Condo Pre-Development Loan

Atlanta, GA
B
Gross Ann. Return* 14.0%
Term Remaining 0 mo.
Underlying Security Senior Debt

Brooklyn 3-Unit Apartment Repositioning - Senior Loan

Brooklyn, NY
B
Gross Ann. Return* 11.0%
Term Remaining 0 mo.
Underlying Security Senior Debt