CBRE is pleased to present Rivendell Apartments, a 24-unit building located in the heart of Seattle’s University District at 47th and 15th Ave NE—just a six-minute walk to the University of Washington campus. Built in 1999, the property features spacious units, ten of which were renovated in 2023, each with private patios or decks. The top floor boasts lofted ceilings, and residents benefit from a secure two-story garage with 45 parking stalls. Currently operated as student housing with units leased by the bedroom, Rivendell is part of a broader portfolio that includes two adjacent properties. By separating Rivendell from the larger operation and aligning expenses with market norms for a 24-unit building, investors can unlock significant value with minimal operational lift. This strategy will enhance the property’s NOI margin and offer investors an opportunity to realize income yields well in excess of market cap rates, making Rivendell a compelling value-add opportunity in one of Seattle’s most resilient rental submarkets.