The property

Figures & facts

At a Glance

Current inventory

The Lease-Up Pipeline

Three renovated units in lease-up, one pre-leased, four in Phase 2 renovation, and 306 returning July 1. Unit-level detail and timing on the Leasing & Market page.

Seven workstreams

Status Across Divisions

Each panel links to its full section.

Before & after

Inside a Renovated Unit

Walk a unit in 3D — before and after the renovation — alongside the rooms as they were found.

The 3D tours walk a unit before and after; the photos show units as found. Click a photo to enlarge.

Common areas

The Stairwell, Before & After

The same shared stairwell — dated carpet and railing brought to the new building standard with wood-look flooring, a clean black rail, and refreshed finishes.

Before

After

Renderings & selections

Design Direction

Design that fits White Heather — improving the building without making it generic; natural materials and mid-century lines. Renderings of the renovated common areas below, with lighting still under selection.

Lighting under consideration

The full record

Section Guide

A clear view of what has been done, what comes next, and where your direction keeps things moving — section by section.

Pro forma

2026–2027 Outlook

Sources & uses

Construction & Insurance Funding

An insurance claim covers the February 2026 water event, running alongside the construction line that funds the unit renovations. The figures below are reconciled to the dollar from the claim-tracking sheet.

Insurance claim — February 2026 water event

Restoration of the four water-damaged units (101, 103, 106, 107) and the shared laundry and utility rooms.

Proceeds of $321,779 cover the bulk of these costs; the remaining $61,709 to finish the put-back work is funded by the project. Policy deductible: $5,000. Full invoices and approved bids are in the owner portal.

Underwriting

Valuation

Lenders and appraisers underwrite the building on what it collects. Closing the rent gap is the valuation strategy.

At stabilization

The 2027 Refinance

At stabilization, the construction line refinances into permanent debt — fixed-rate, amortizing, and returning capital at closing.

Late 2025 – November 2026

The Four-Phase Plan

The renovation strategy is structured around a four-phase delivery plan, with each phase bringing a defined set of units to the new building standard before releasing them back to market. As completed units return to the leasing pipeline, the next phase begins, creating a steady cadence of renovated inventory without taking the building fully offline. This approach allows the property to maintain leasing activity, preserve operational continuity, and progressively build rental income as each phase is completed.

Findings to date

Conditions Encountered

A building of this era carries its history in the walls — none of what follows is unusual, and each item was addressed deliberately and documented. Status as of June 2026; photographs in the visual record on the Executive Summary, supporting documents in the owner portal.

• White Heather — Phase 2 Change Order 1
• White Heather — condensation pipes
• 6113 — remediation and rebuild

The thesis

Rents Drive Value

Consistent with Ownership's long-term resident retention strategy, the property has historically positioned rents slightly below market, successfully retaining high-quality, long-standing residents while maintaining occupancy stability. However, this approach also constrained the building's income profile and overall asset value.

With continued investment into the property and delivery of renovated units to the new building standard, the strategy is to move rents toward market over time while remaining focused on resident retention. Rather than forcing increases on existing residents, the plan prioritizes capturing market rents through turnover and offering current residents the opportunity to transfer into newly renovated units where appropriate.

June 11, 2026 rent roll, occupied units. Vacancy accounts for part of the gap (8 units); below-market in-place rents the remainder. At typical Seattle small-building cap rates, each $1,000/mo of added rent supports ≈$200,000 of value.

Proof to date

Renovated Units Are Achieving Target Rents

Unit-level detail

Availability and Delivery Timing

As of June 11, 2026 (rent roll). Advertised rent shown where a unit is actively listed; Phase 2 units price at delivery.

Tenure

Long-Term Residents

Below-market rents kept good people in place for years. Repositioning happens at turnover and renovation — not through increases on loyal residents.

Several long-term residents affected by the water event chose to remain. Tenure per the June 11, 2026 rent roll.

Pricing methodology

The Half-Mile Comparable Set

Pricing recommendations are grounded in the actual market, unit condition, and the improvements made — not opinion. Renters compare White Heather to buildings minutes away, so targets are set against the half-mile radius around 15th Ave NE. The full comparable-set report (HelloData) is available as a live report and in the owner portal.

Owned media

The Website & Google Campaign

Paid listing sites rent attention; the building's own website builds it. A Google campaign launches the pipeline, and the site keeps producing long after.

Trailing 30 days

Lead Activity Today

Source: internal lead tracking. Current volume reflects entry-level placement — the recommendations below are the lever for raising it.

Recommendations

The Channel Mix

We evaluate advertising sites on total impressions and how they convert — to guest cards, to showings, to signed leases — then direct more advertising dollars to the channels that perform. Select a card for pricing and the full analysis.

Retention

Resident Transfer Program

Residents-first has defined White Heather for decades; the transfer program carries that approach into the renovation. Renovated units are offered to existing residents first — at a preferred in-house rate, before public advertising — keeping good tenants, upgrading the resident profile, and filling vacancies faster.

First impressions

Welcome Packet & Move-In Gifts

Operations

The Move-In Process

Quick reference

Property Documents

One place to see progress, review materials, and track decisions. Each folder opens to its documents — mirrored from the official records.

Statements, bids & reports

Inside the Portal