Case Studies

Cascade Meadows
Burlington, Washington

Before & After Photos

Opportunity:

  • Built in 2002, Cascade Meadows is centrally located near the city’s main thoroughfare, offering its resident excellent access to major highways and employers as well as dining, shopping and recreational amenities.
  • The strategy for this investment was to acquire and renovate a bank-owned asset that was chronically undermanaged and that had significant deferred maintenance. 
  • Virtú planned to improve management through superior cost controls, capture market rents, and adopt a more sophisticated unit pricing program.

Execution:

  • Virtú completed a $1,026,845 renovation ($10,586/unit) as part of the value-add strategy.
  • Our construction team took on the job of tearing off the existing defective vinyl siding and repairing dry rot, followed by repairs, re-wrapping and re-siding each building in the complex. 
  • Virtú also did a significant clubhouse renovation that transformed the prospective tenant’s first impression of the complex.

Result:

  • The result of the improvements was an ability to drive market rent increases above our projections.

View Renovation Photos