Proposal for Value-Add Senior Housing Conversion

Value-Add Conversion, Senior Housing to Multifamily· Seattle,WA
Units: 121 Existing Units + Proposed Additions
Project Type: Garage Conversion / Small-Scale Development
Timeline: June to July 2023
Role: Financial Feasibility, Market Analysis, Site Planning
Status: Competitive Bid – Acquired (Proposed Price: $21.5M)

Northgate Apartments is a 100% vacant senior housing property in Seattle, offered with seller financing. The deal attracted five competitive proposals ranging from $19M to $22M. My role was to develop the financial feasibility and value-add strategy that shaped our successful $21.5M bid.

My Role & Contributions

  • Performed detailed market and rent analysis for repositioning senior units into market-rate apartments

  • Conducted zoning and site feasibility for unit expansion and parking requirements

  • Explored adaptive reuse of common areas (commercial kitchen, community hall) into rentable units or amenities

  • Modeled two value-add options balancing unit yield, parking count, and amenity space

  • Designed preliminary concept layouts for new units, amenity conversions, and a potential new infill building

  • Created construction budgets, yield assumptions, and a full pro forma for both scenarios

  • Collaborated with the city to validate density and massing feasibility for proposed additions

  • Advised on pricing strategy to remain competitive while maintaining return thresholds

Development Scenarios

Option 1: Light Adaptive Reuse

  • Retain core building structure

  • Convert excess common areas into 5 additional units

  • Add ~30 new parking stalls by reclaiming underused kitchen space

  • Minor kitchen demo, light interior reconfiguration

  • Include washer/dryer in units for rent uplift

  • Amenity upgrade for leasing strength


Option 2: Full Redevelopment + Infill

  • Demolish all common areas

  • Add new amenity wing with pool deck + lounge

  • Increase yield with 8–10 units within core building

  • Add 25–30 units in a new infill building at the street front

  • Underground parking to meet new unit demand (+53 stalls)

  • Frontage landscaping and entry experience enhancements

Results & Takeaway

This was a highly competitive acquisition. By identifying hidden floorplate potential, proposing scalable unit expansion options, and balancing new construction with adaptive reuse, we were able to structure a compelling $21.5M offer — just below institutional bids, but with stronger upside. This project deepened my experience in financial modeling, pre-dev strategy, and regulatory navigation for mid-scale conversions in urban infill contexts.

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