Investment Overview

With 24 units completed in 1960, and a further 12 units added in 1990, Horizon Park is a 36-unit apartment community in the College Place neighborhood of Edmonds. The property is situated on a ±1.29 acre lot directly across the street from College Park Elementary and Middle Schools, which are slated for a complete renovation beginning next summer with $210 million from Edmonds School District’s $594 million bond measure approved last year. The property consists of 27 two-bedroom, one-bathroom units averaging ±777 square feet and 9 one-bedroom, one-bathroom units averaging ±526 square feet. In-place rents are strong across the board at $2.34 / SF, while further upside remains through reducing loss-to-lease, implementing storage and parking fees, increasing utility reimbursements, and light interior renovations in select units. An incoming investor can take advantage of an attractive 6.13% in-place cap rate and 7.14% cash yield over the life of the hold, while being perfectly situated in an area of Edmonds slated to receive massive investment and improvements.