Cobalt Properties I, LLC

The Executive House Apartments were acquired in December 2020 by an investment syndicate led by Cobalt Ventures in an off-market transaction.  The apartments contain two buildings with a total of 39 units.  They were built in the 1960's.   This was a value-add acquisition with both physical improvements and under-market rents.  Approximately $12,000 per unit is being invested in updates adding washer & dryers in each unit, ductless HVAC system, and refreshes to the kitchen and bath.  Acquisition financing was provided by CBRE with a Freddie Mac Small Apartment loan.   The units will be managed by Property Management Connection.