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The Marlborough Flipped in a Year For Double

November 23, 2011 By 3 Comments

From the Seattle Times, Vintage apartment building on First Hill sells at a premium.

The Marlborough, an apartment, that almost converted to condos, but went bankrupt, was then bought for $12.75m in September 2010, fixed and leased up. It just sold for $26.7m. Nice work Trinity Real Estate of Seattle and Helix Funds on the flip! Especially considering you only spent $3m to $4m on renovations.

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Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Anonymous

    The headline is a bit deceiving. The developers did make a nice profit, but it was well earned. At the time they purchased the Marlborough it was a huge unknown. The roof was half-off, with an unknown amount of water damage. Homeless people had set up camp in parts of the building and millions had to be spent on cleanup and restoration. Through a lot of hard work, and smart negotiating, both on the buy and the sell side, they did earn a good profit.

    It is an amazing building, and I thank them for their efforts in bringing it back to life, better than ever, and for taking on an enormous challenge at a time when few investors were willing to take risk.

  • http://diamondcake.com/luxury/luxury-real-estate Luxury Real Estate

    That investment really pays off big time. It’s really great to look for properties that has tons of potential because that will give you  a great return on investment or ROI.

  • Wltwhitman

    You don’t know anything. These guys were smart & bought it well, but also spent virtually nothing bringing it to its current state. Smug of you to be thankful though.