Outlook Apartments

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Summer Aerials with a drone on the campus of Washington State University, Monday, June 22, 2020.

Outlook Apartments is a 51-unit value-add community in Pullman that combines immediate rental upside with a highly differentiated long-term value-creation story.

Originally built in 1997/1998 and operated as Section 42 affordable housing, Outlook provides the opportunity to acquire a newer-vintage asset with rents below market, favorable tax treatment during the affordability period, and a potentially transformative transition to market-rate operations when the Section 42 agreement expires in 2036.

The initial strategy focuses on cost-effective renovations—including refreshed interiors, updated bathrooms, LVP flooring, laminate counters, and exterior enhancements—to raise rents to allowable limits, strengthen occupancy, and create the potential for meaningful interim cash flow and refinance proceeds.

Over time, planned higher-end renovations and market-rate positioning are intended to unlock the property’s full appeal to students and higher-income renters, supporting the combined portfolio’s projected 3.3x value increase over the acquisition price.

Investment Overview

Offering size:

$1,500,000

Internal Rate of Return:

19%

Investment Minimum:

$100,000

Gross Equity Multiplier:

5.8x

Highland Apartments is a 30-unit apartment complex located at 1222 Highland Ave, Clarkston, WA 99403. The community is situated at the southern edge of Clarkston, directly across the street from Tri-State Memorial Hospital.

  • Property Details & Amenities
  • Unit Types: Features 1, 2, and 3-bedroom floor plans.
  • In-Unit Features: Each apartment includes an air conditioner and an individual storage closet.
  • Community Amenities: The property offers an on-site laundry facility and ample parking for residents.

Location Highlights

  • Medical Proximity: Its location directly across from Tristate Hospital makes it a popular choice for healthcare professionals and those needing easy access to medical services.
  • Recreation: Located within one mile of the Greenbelt Walkway, local schools, and various cultural and historical sites in the Lewis-Clark Valley.
  • Convenience: Situated approximately 7 minutes (2.9 miles) from Lewis-Clark State College and roughly 14 minutes from Lewiston/Nez Perce County.