Seattle firm launches fund to buy distressed multifamily properties

Puget Sound Business Journal - Marc Stiles
Nimbus apartments Everett, corner exterior.

If you’ve got the money, now is a good time to buy many commercial real estate assets in Seattle.

It’s why Seattle-based development company One Trent is launching an up to $50 million multifamily investment fund that targets distressed acquisition opportunities in the Puget Sound region.

There already are a lot of opportunities, and the list is expected to grow due to high interest rates, mounting debt maturities and high construction costs. One Trent Principal Patrick Ashman said in a news release that the market is signaling there will be “a generational shift” in valuations.

One Trent principals Patrick Ashman and Trent Mummery

With a goal of raising $50 million to purchase existing in-service multifamily assets below replacement cost, One Trent aims to deploy capital over the next 36 months. Fund capital will be used to acquire up to 10 multifamily assets, including existing properties with strong in-place returns, value-add repositions and land with strong upside potential.

Ashman and fellow Principal Trent Mummery have delivered over 3,000 apartment units in the last 10 years and have five projects in development, three under construction and have completed four projects in the last 15 months.

The One Trent Opportunity Fund 23 is targeting past and current investors, including local high net-worth individuals, family offices, industry peers and institutional capital.

“We have successfully raised hundreds of millions of dollars for thousands of units through multiple cycles — exceeding return expectations with current and past partners — and are excited to introduce this new fund,” Mummery said in a news release. “Investors will have the unique opportunity to invest with the general partners, which can provide enhanced returns.”


Latest News

See More