Wellington Court is a 48-unit garden style multifamily community in Vancouver, WA. We acquired the property in early 2023 with a long-term cash flow investment strategy. The property was in great condition with the entire exterior having been replaced in the last six years; however, due to mismanagement in-place rents were 14.72% below market in as-is condition and 22.75% below market  in updated condition. The asset plan requires light upgrades to units upon rollover installing new appliances, flooring, and countertops. We anticipate refreshing all units within the first three years of ownership and expect to absorb most of the loss-to-lease within the first two years of ownership.

The property is well located in the heart of the submarket in what is primarily a single family neighborhood with strong incomes. It has a strong occupancy history and offers some of the largest two and three bedroom units in the market with an average unit size of 1,300 square feet. The community is family oriented with plenty of space for kids to play and easy access to schools, parks, and employment opportunities.  

Projected returns