2665 was acquired off-market through local relationships after the previous buyer was unable to perform on the contract. Due to our local market knowledge and internal ability to review legal contracts and property level due diligence, we quickly stepped in the previous buyer’s position and gave the seller confidence in our ability to quickly perform.

The property was well located on North First Street immediately adjacent to a Light Rail stop and featured a 3-story main lobby with sky lights plus third floor suites with expansive ceilings and exposed duct work that promised significant lease-up potential.

Overall the building was tired with mostly original finishes, outdated landscaping and a lackluster street presence.

We completed a multi-million dollar renovation including full lobby, restroom core, common area and landscape renovation. We then created a speculative creative office look and feel for all vacant suites and thereafter achieved 100% occupancy in 15 months. Following the early completion of our business plan, we received an off market offer at substantially above underwriting and sold the project 19 months after acquisition.