Brackett fits TruAmerica’s underwritten value-add strategy, as the unit interiors were never renovated by the Seller, the current leasing center is oddly configured and in need of modernization, and an obsolete and vacant daycare center lies within the community. Approximately $900,000 will be spent to transform the daycare building into a state-of-the-art community activities center, which will include a new fitness center, resident lounge, media room and game room. The quality construction of Brackett and its favorable floor plans give the property “great bones”; however, the value-add potential can only be realized with invigorated property management and a strategic, intensive capital improvements program. TruAmerica believes rent premiums are achievable by executing the aforementioned business points and stronger property management will serve as another major source of revenue.
Brackett is conveniently located in close proximity to I-5 and highway 99 giving residents easy access to connect to Seattle, Everett, and the east side. Spacious one-, two-, and three-bedroom homes feature bright fully-equipped kitchens, oversized closets, a wood burning fireplace, and washer/dryer.