|\ INVESTMENT & DEVELOPMENT \ MULTIFAMILY|
Unico takes a hands-on approach to its multifamily investments with the philosophy that properties can outperform the market if the capital and management strategies align to break out of the commodity pricing model. Our multifamily investment and operating capabilities range from historic urban rehabs, to urban ground-up high-rise developments, and to suburban repositioning across markets. Unico keeps a detailed property-level focus while scrutinizing the macroeconomics of supply and demand and the demographic trends that impact our markets.
Unico redeveloped The Cobb (www.cobbapartments.com) in downtown Seattle, converting a 1910 building from medical office to luxury, urban apartments. The building opened to residents in July 2006 and was fully leased in two months.
"Unico is not a typical client of ours because they've been managing real estate for years. The Unico team knows the issues as well as we do, and understands that sometimes you have to adjust to market conditions at a moment's notice. Between the two of us, we can anticipate, make decisions and avoid any bumps in the road."
In December of 2008 Unico completed another multifamily development located in Portland, Oregon's Pearl District. Asa Flats + Lofts is a 231-unit apartment complex with retail on the ground floor. Unico is currently working on a development in Seattle’s Interbay neighborhood called Slate, that will be a 236-unit apartment building that is set to deliver in Spring of 2013.
Unico actively invests in suburban, garden-style apartment communities with strong value-creation fundamentals in the Pacific Northwest. Specifically, Unico looks to invest in properties located in improving apartment markets or those that would benefit from property rehabilitation.
“I place a high level of confidence in the development team at Unico. The Lovejoy
Blocks financing was highly complex, but Unico was able to navigate the waters and structure
a deal that many others could not complete. Working with Unico, we quickly saw that they had
the experience needed to get the job done, along with the capital requirements. Their approach
fit like a hand to a glove with Principal, and this project has sparked a great relationship.
On a scale of one to 10, I would give Unico a 10, the highest rating. It’s been nothing but
positive for us.”
We continue to focus on developing and re-developing urban workforce apartments, as well as to acquire value-creation refurbishment projects in the Pacific Northwest.