• Off-market class B property in the tech hub of Washington.
• 1977 Build
Light value add, minimizing maintenance risk, current owner has done a lot of renovations
• Below Market Acquisition
Purchase price of $268K per unit
• Immediate Cash Flow
Projected 8% cash-on-cash return once stabilized
• Projected Returns
Target IRR of 15%+ and an equity multiple of 1.92x
• Value-Add Potential
Anticipated rent growth of 47% in Year 1
• Location A+ location and ability to own on the Eastside
• Negotiated Below Market Price
$400K under the original list price
• Investor-Focused Structure
5% preferred return with sponsor returns capped to maximize investor upside
• Amenities & Unit Mix
Kevin Falk
Updated laundry room, central downtown location, game rooms and ample parking, 15 one-bedroom (571 SF) and 17 two-bedroom (829 SF) units
NPI Principal & Sponsor
Jeff Derus
NPI Principal & Sponsor
Disclaimer
THIS SUMMARY DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES. AN OFFER CAN ONLY BE MADE THROUGH THE PRIVATE PLACEMENT MEMORANDUM, SUBSCRIPTION AGREEMENT AND EXHIBITS THERETO (THE “OFFERING DOCUMENTS”). THIS COMMUNICATION AND ACCOMPANYING SCHEDULES CONTAIN “FORWARD LOOKING STATEMENTS.” ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE CONTEMPLATED BY ANY FORWARD-LOOKING STATEMENTS AS A RESULT OF CERTAIN FACTORS INCLUDING UNCERTAINTIES INHERENT IN FINANCIAL PROJECTIONS. THE TERMS SET FORTH IN THIS OVERVIEW ARE INTENDED TO PROVIDE A SUMMARY OF THE KEY TERMS RELATING TO THE BUSINESS PLAN OF THE COMPANY. HOWEVER, WHILE WE BELIEVE THAT THE TERMS DESCRIBED HEREIN ARE ACCURATE, THE FINAL TERMS APPLICABLE TO THE COMPANY SHALL BE SET FORTH IN THE OFFERING DOCUMENTS.
Principal Team
NPI Principal & Sponsor
NPI Principal & Sponsor
NPI Principal & Sponsor
Jason
Investor Relations
Kevin Falk
Jeff Derus
Ben Winters
Stahl
Definitions
1
Preferred Return (Pref)
Amount paid to investors before any cash flow is received by managers. Returns accrue annually ensuring investor priorities.
Equity Split
2
Proportional split of all monetizationderived from equity contribution as a percentage of total capital raised.
3
Equity Multiple
Profit to Investment Ratio
3x would mean $100,000 invested returns $300,000 in proceeds.
4
Internal Rate of Return (IRR)
Measured return on investment based on amount of time capital is held.
Absolute Investor Focus - You Win, ALWAYS
Harmonious Economic Alignment
5% Preferred Return
Investors earn a 5% preferred return on an annual basis.
3 Equity Split Capped at 80/20
We place a cap on the equity that the GP receives, this cap is set at 20% regardless of final deal level IRR. Investor returns are our primary concern.
Extreme Management Efficiencies
Majority of the 620 NPI units under management and ownership are located within an 8 mile radius of each other. This equates to heightened visibility and management proficiency. We always have eyes on our assets!
32-Unit Turn-Key Opportunity in Redmond, WA
CBRE is proud to exclusively offer for sale the Parkside Apartments, a turn-key 32-unit investment opportunity located in the heart of growing Redmond, WA. Consisting of two buildings on a large 40,000 square foot corner lot, the property has been well maintained by current ownership with a new roof and double pane vinyl windows recently installed. Twenty-seven of the 32 units have been remodeled, featuring new kitchen cabinets, quartz countertops, luxury vinyl plank flooring, updated lighting and fixtures. With current rental rates below market, a buyer has the potential to increase NOI and cash flow through improved management.
The Property is situated on a quiet residential street, across from Redmond Elementary School, and is within walking distance of shops and amenities at Redmond Town Center. The future addition of Link light rail service in 2025 will provide convenient transportation options for residents commuting to Microsoft, Downtown Bellevue, and beyond. This is the first time the Parkside Apartments have been on the market in over 40 years, presenting a rare opportunity to acquire a sizable and high-quality asset in a location poised for continued growth.
Investment Highlights
Unit Mix
Property Detail
Structure Wood framed
Exterior Brick veneer and stucco
Roof Pitched composite shingle
Windows Double pane vinyl
Electrical Copper wire, breaker panels
Plumbing Copper
Heating Electric baseboard
Hot Water In-unit, electric
Fire System Central alarm, battery operated smoke detectors
Laundry Common - leased
CAMPUS REDEVELOPMENT
Multi-Billion
Unparalleled Proximity to Major Employers & Employment Centers
Financial Summary
Financial Notes
Sales Comparables Analysis
4
Rent Comparables Analysis
One Bedroom
Rent Comparables Analysis
Two Bedroom
Project-level cash flows
Experienced Real
Property Operators
The Nordic Value
❖ Proven Real Estate Operators With 650 Units Under Management
❖ World class property and project management experience
❖ Successful business plan implementation across 11 Seattle based projects within the last three years
Maximum
Accessibility
❖ All sponsors are actively involved and available to our investors directly via phone or email
❖ Appfolio Software - This program hosts our investor portal where investment progress and returns can be reviewed in real time
Transparency & Control
❖ Quarterly Financial Reports Issued and Posted to investor portals. Live updates available on a request basis any time
Investors are Always First
The Sponsor
Sponsor Contributions
❖ No Manager Split Until Preferred Return Is Paid
❖ GP Equity And Profit Sharing Capped At 20%
❖ GP to sign on debt, guaranteeing the note in most cases
❖ GP To Acquire Asset Including Financing, Insurance, Conduct DD, Raise Needed Equity, Put up Earnest Money
❖ GP To Personally Guarantee Loan (if necessary), Assuming Risk Associated
❖ GP To Participate Further As Limited Partners with Co-Investment
❖ Perform Asset Management
Sponsor Fees
*all numbers represented in this OM incorporate these fees
❖ Acquisition - 2% Of Purchase Price
❖ Disposition - 1.5% Of Sales Price
❖ Asset Management Fee - 2% of Equity Annually
❖ Refinance - 1.5% of Loan Amount
Kevin Falk
Principal
Kevin Falk started his real estate career back in 2010. During his tenure, Kevin has managed over 15 million square feet of Multi-Family, Office, Industrial, Retail, Medical and Data Centers. Prior to starting Nordic Partners Investments, he has worked for high powered companies like CBRE, Kidder Mathews and Microsoft. Kevin’s main focus is to help clients maximize their real estate returns by buying distressed assets and repositioning them with Nordic’s construction team.
Kevin is a University of Washington alum and has been a Seattle resident his entire life. The local knowledge gives him a unique understanding of all sub-markets and rent trends. This bodes him well for understanding the nuances of investment strategy within Nordic’s business model.
In his free time, Kevin enjoys golfing, fishing, hiking and spending time at his family’s beach house. He also is involved as a volunteer mentor in the Big Brother Program and has been since 2019.
Jeff Derus Principal
Jeff Derus began his career in the technology industry at the startup TaskEasy, where he played a key role in business development as the company quadrupled its revenue. He later founded FreshMeal.com, one of the first businesses in the Northwest to introduce the online subscription model to meal plans.
Building on a strong foundation in finance and entrepreneurship from the University of Washington, Jeff transitioned into commercial real estate consulting with Kidder Mathews. There, he advised on the feasibility and optimization of some of the Northwest’s most ambitious transit-oriented developments.
Beyond his professional pursuits, Jeff is an avid outdoor enthusiast who finds energy in skiing, mountain biking, and golf—alongside the creative escape of drumming.
Ben Winters
Ben Winters resides on Puget Sound in North Seattle with his wife Taylor and son Sebastian. His career spans creativity in media and emerging technology, which he's leveraged as an investor. Currently exploring the next wave, Ben has thrived in three major waves: stock media (co-founded Punch & UpperCut, acquired by Getty Images), digital agency (founded WINTR, later acquired by Ideoclick), and e-commerce (established ad-products at Ideoclick, achieving the position of #1 Amazon Advertising agency partner, and securing a series-A investment from Accenture Interactive and GLP Capital Partners).
Over the past decade, Ben has been an active real estate and startup investor and advisor. He leverages his deep understanding of technology and business to identify undervalued assets and develop creative strategies to maximize their value. Additionally, he is a strong advocate for sustainable development, and is committed to investing in properties that benefit the communities in which they are located.
Jason Stahl Investor
Relations
Jason has spent the majority of his life in sales, with a diverse background ranging from shoes to private aviation sales, as well as marketing. He's also spent seven years as a mortgage broker, helping people navigate one of the most important financial decisions of their lives. His passion for connecting with people and making a difference in their lives drives everything he does. As a proud parent of three teenage girls, he's constantly inspired by their energy and growth. When he's not working, you'll find Jason exploring new places through travel or enjoying the outdoors. He believes in the power of community, which is why Jason finds fulfillment in being active in his church and the body of Christ. People are his passion, and there’s nothing that excites him more than seeing others succeed and thrive.
Testimonials
It has been a wonderful experience working with Nordic Partners Investments on both the investment and brokerage side of the business. I have been an apartment broker in the Puget Sound Region for over 10 years and have dealt with a long list of syndication companies. Nordic Partners has been exceedingly professional in all our dealings, and I have been extremely impressed with their work ethic, constant communication, and results that they have achieved in this difficult market. I would highly recommend them to anyone that is looking to invest in syndication deals, as they will take care of your capital as is if it was their own.
-Kellan M, First VP of Investments, Marcus and Millichap.
Nordic Properties has been one of the best places I have ever rented from. The application and leasing process was seamless, management is extremely responsive to questions and requests, and I love the thoughtful approach they took to making renovations to my apartment before I moved in. I would highly recommend renting from Nordic Heights Apartments.
Current Resident, Rebecca A, Unit 1
I've had the pleasure of working with Kevin and Jeff at Nordic Partners, and I can confidently say they're a game-changer in property management and real estate syndication. Their expertise and dedication helped me turn a struggling property around, transforming it from a half-vacant disaster to a thriving asset. Their attention to detail and proactive approach left no stone unturned, even tackling the complex issue of a squatter in the garage.
But what truly sets them apart is their integrity and professionalism. As a commercial real estate broker, I've had the pleasure of working with them on multiple transactions, and their trustworthiness and expertise have made them a valued partner. We're currently closing our first deal together, and I'm confident it will be a huge success.
If you're looking for a property management or real estate syndication partner who will go above and beyond, look no further than Nordic Partners. Kevin and Jeff are the real deal, and I highly recommend them to anyone in the industry.
