1201 South Cloverdale Street, Seattle, WA 98108

Vivir presents a strategic acquisition opportunity in the West Seattle/South Seattle submarket – a most renovated, recently stabilized 20-unit property where significant value-add work has already been completed and validated through current performance. With 15 units fully renovated and achieving market-rate rents, Vivir delivers a 6.45% pro forma cap rate while offering clear upside potential. Three units are partially renovated and positioned for near-term completion, while two units remain ready for upgrades, providing straightforward execution opportunities for new ownership.

The property features a diversified mix of studio, one-bedroom, and two-bedroom units averaging 568 square feet. Renovated units include luxury vinyl plank flooring, hard surface countertops, contemporary fixtures, and new stainless appliances – finishes that lease immediately at market rates and drive strong tenant retention, validating both the renovation approach and underlying demand.

New ownership can capture incremental revenue through two channels: operational optimization and completion of the renovation program. By reducing economic loss to industry standards and finishing the remaining unit improvements, the property is positioned to unlock 10% premiums over current in-place rents – a target already being achieved by upgraded units today.

Location fundamentals strongly support the investment thesis. Vivir sits six miles from downtown Seattle with access to 337,000 employees at major technology and professional services firms. The property benefits from immediate proximity to Seattle’s healthcare corridor – Swedish Medical Center, Virginia Mason, and Harborview Medical Center collectively employ over 15,000 professionals, providing a stable, recession-resistant tenant base. The West Seattle/South Seattle submarket has delivered 15.8% rent growth since 2021, while zero new units came online in Q4 2025, creating favorable supply-demand dynamics.

Vivir offers what sophisticated investors seek: attractive basis deliverable at 25% below previous market peak, current income stability from fully occupancy, near-term value creation through a de-risked renovation program, and long-term upside supported by supply constraints and diverse employment drivers in one of the West Coast’s strongest multifamily markets.