Eleven01 — Record-Setting $309K/Unit in Wenatchee

Challenges

• Eleven01 was built by a localWenatchee-based contractor completing their first large-scale multifamily project.
• At 80% occupancy with average rents of ~$2k, the property was not yet stabilized. Buyers had to underwrite lease-up risk on a high-end asset in Eastern Washington, where no comparable sale had ever exceeded $300,000 per unit.
• The Wenatchee market is lifestyle-driven rather than employer-driven, meaning buyer confidence required a different thesis than typical Tri-Cities or Spokane transactions, one rooted in demographic trends, proximity to outdoor recreation, and the hospital and education employment anchors nearby.
• The asset's premium construction (PTAC climate systems, rod iron handrails, in-ground sprinklers, and high-end finishes) commanded a ~23% rent premium over comparable units in the Tri-Cities and Spokane, raising questions from buyers about whether those premiums were sustainable.
• Our team inherited a property that needed significant leasing and operational improvement before it could command the pricing the ownership group expected.

Action

The Multifamily Mason team embedded with the property for over a year before closing. We met with the property management team weekly, introducing new advertising programs and tenant incentive strategies that directly addressed the occupancy gap.

Our marketing campaign generated 21,000 impressions and 524 engagements across targeted channels. More importantly, our team made 184 one-on-one phone calls to qualified investors, which is the kind of direct, relationship-driven outreach that passive marketing cannot replicate in a market like Wenatchee.

We increased resident renewal rates by more than 50% during escrow, stabilizing the income stream and giving buyers confidence in the property's long-term cash flow. Our team was present for every tour, every inspection, and every request at the property for the full year leading up to close.

When the market presented headwinds and the path to closing became uncertain, our team persisted. We coached the ownership group through the process, created value at the asset level through operational improvements, and maintained buyer engagement through consistent communication and data-driven updates on leasing velocity.

Results

• Closed at $25,980,000 ($309k/unit), setting the first $300K+ per-unit sale anywhere in the Inland Northwest
• Achieved record pricing in a secondary market by combining hands-on asset management with targeted investor outreach
• Increased resident renewal rates by 50%+ during escrow, demonstrating operational value creation beyond traditional brokerage
• Generated 21,000 marketing impressions, 524 engagements, and 184 direct buyer calls, proving that even premium assets in smaller markets require aggressive, personalized outreach

Sale Details

• Property Name: Eleven01
• Location: Wenatchee, WA
• Close Date: May 2024
• Units: 84
• Sale Price: $25,980,000
• Price per Unit: $309,286
• Occupancy at Sale: 85%

Testimonial

“Mason and his team pulled off the unimaginable. They went above and beyond at every step of the deal, working with us for over a year. They met with our property manager weekly, introduced new advertising and incentive programs, and increased our resident renewal rates by more than 50% during escrow. Mason was present for every tour, inspection, and request at the property for a full year. Where others would have given up, Mason and his team persisted, created value, and coached us through the process. They set records in today’s market conditions, a rare example of professionals who say what they’re going to do, and then actually do it.”

— Richard Reynolds & Flint Hartwig, Seller Client