Coventry Court IV & Annex

Challenge

The Coventry Court Portfolio, located in a deeply challenged pocket of Tacoma, presented a complex mix of obstacles. The neighborhood, once a sprawling farmland, had been developed into apartments and townhouses decades ago but suffered from neglect. This resulted in widespread deferred maintenance and visible issues that hindered appeal. The properties required significant upgrades and were in an area that was not quite an emerging market but had potential for future growth. Adding to the complexity, rents were far below market levels, and there was a need to prove the portfolio’s value to attract the right buyer.

What we did

Our team designed an extensive marketing campaign targeting local, regional, and national investors. Through diligent market analysis, we identified the significant gap between current and potential rental income. Collaborating closely with ownership, we developed and executed a strategy to showcase the rent growth potential by marketing several renovated units at higher rates. Over the course of the marketing process, we conducted more than 20 property tours and secured 10 competitive offers, including one from a California investor in a 1031 exchange. By leveraging the assumable financing attached to the portfolio, we successfully negotiated a contract that met the seller’s aspirational price.

The Result

Despite a challenging interest rate environment, the Coventry Court Portfolio sold at a price significantly above market expectations. The sale demonstrated the power of pairing expert marketing with a deep understanding of property repositioning and value creation. For the seller, this was not only the culmination of decades of stewardship but also a testament to the importance of entrusting legacy assets to a team capable of delivering transformative results.