CLIENT: Low Income Housing Institute
LOCATION: Seattle, Washington
SERVICES: Property condition assessment
ASSET TYPES: Multifamily residential
Initially in 2014, and for a second time in 2017, Marx|Okubo was retained by the Low Income Housing Institute of Seattle to conduct property condition assessments of Frye Apartments, a more than 100-year-old, 11-story apartment building in the historically designated Pioneer Square neighborhood. During the 2014 property condition assessment, a Marx|Okubo team of professionals identified over $8,000,000 in capital needs that ultimately enabled the client to adequately refinance the building and preserve their historical housing asset. In addition to providing valuable, quantifiable capital needs information for the client, the Marx|Okubo team identified several critical health and safety issues including water intrusion into living areas, inoperable smoke detectors, unsealed penetrations in fire-rated ventilation shafts, and a missing seismic shutoff for the natural gas main. Additionally, after inquires with the City of Seattle, Marx|Okubo became aware and informed the client of three outstanding fire code violations.
Marx|Okubo’s diligent assessment provided the client with an invaluable store of information for future repairs and maintenance on one of Washington State’s largest Section 8 housing buildings. As a result of this work, Frye Apartments remains a well-cared-for housing option for residents of the vibrant Pioneer Square neighborhood.