


Studio West and Studio East Apartments
4511 Ocean Beach Hwy, Longview WA
109
Units
Acquisition Date:
Winter 2021
Overview
Studio West 59 units in Longview, Washington and Studio East 50 units in Kelso, Washington are sister studio communities totaling 109 units, providing attainable housing in supply constrained rental markets. Designed for operational efficiency, both properties benefit from low maintenance profiles and consistent tenant demand. Since acquisition, a comprehensive interior and exterior value add program has been executed, with approximately 75 percent of units fully renovated and more than 1,000,000 invested in building wide improvements including exterior upgrades and new roofs. These efforts have increased rental income by approximately 405,000 annually, or roughly 310 per unit per month, resulting in a combined NOI of approximately 755,000 and improved tenant retention. Monthly cash flow distributions began in 2022 following stabilization. A strategic refinance secured long term fixed rate debt and generated approximately 1,000,000 in loan proceeds attributable to value creation. Studio West and Studio East now operate as stable, high performing workforce housing assets with durable cash flow
Location