Pioneer Apartments

• NEW CONSTRUCTION: High-quality construction features large unit sizes and includes LVP flooring, high ceilings, extra storage, efficient appliances, and large closets.
• STABILIZED ASSET: Fully leased, Pioneer Apartments has proved demand with stable renewals and minimal turnover. Tenants are attracted to the community amenities including a pool and sundeck, an onsite dog park, pickleball court, and BBQ area.
• DESIRABLE LOCATION: Located in the heart of Cashmere, just 12 miles from Wenatchee and 11 miles from Leavenworth, tenants have multiple employment and recreation opportunities.
• INCOME UPSIDE: There is room to increase operational efficiency and increase ancillary income through loss to lease burn off and increasing utility recapture.

Property Description

Pioneer Apartments is a newly-built 48-unit apartment community in Cashmere, WA. With five floor plans ranging from 1bed/1bath to 3bed/2bath the average unit size is a generous 1,043 square feet. The asset is fully stabilized with proven market rents across each spacious floor plan. Units feature LVP flooring and carpet, high ceilings, efficient appliances including a washer and dryer and air conditioning, as well as extra storage. These large units have attracted high-quality residents who want to be close to Wenatchee and Leavenworth without the hustle and bustle that comes with living in a larger town.Located equidistant between Wenatchee and Leavenworth (~12 miles from both), Pioneer Apartments is close to all major Wenatchee Valley employers and amenities. Whether it’s a Bavarian festival in Leavenworth, or the Pybus Public Market in Wenatchee, tenants at Pioneer Apartments are close to it all. Wenatchee employers include Central Washington Hospital & Clinics, Columbia Valley Community Health, Wenatchee Valley College, and Stemilt Growers.Fully stabilized, the property is an ideal size for investors looking to scale in Central Washington near the highly desirable Wenatchee market without paying Wenatchee prices. Upside exists in improving RUBs and adding additional amenities for rent.