Ashforth continues to expand its multifamily housing investment portfolio. Its most recent investments are located in Tacoma, Washington and in Brooklyn, New York.
The Washington Building (shown top right), located in downtown Tacoma, is a 124,000, 18-story building built in 1925. Ashforth acquired the property with its investment partner, Unico Properties. The plan is to convert the property to a 165-unit residential apartment building. The renovation is currently underway. Tacoma is a growing city and significant investment has poured into the central business district including museums, bars, and a streetcar (one block from the building) which connects to the main train line to downtown Seattle.
Since 1954 Ashforth has been a principal owner of Unico Properties, a real estate investment firm and full-service operator, focused primarily on office assets in the northwestern United States. In conjunction with Unico, Ashforth is currently invested in properties located in Seattle, Tacoma, Portland, Denver, Boulder, Salt Lake City, and Austin.
With its investment partner Bedrock Real Estate Partners, Ashforth invested in a significant mixed-use project in Brooklyn (shown bottom right). The development will consist of 113 luxury, family-sized condominiums in a 36-story tower; a state-of-the-art, 26,000 square foot branch library; a 9,000 square foot STEM lab operated by the NYC Department of Education; and an underground accessory parking garage. It will also include two ground floor retail spaces which have already been leased to a restaurant and Brooklyn Roasting Company.
Currently, Ashforth is invested in over 1,200 multifamily units totaling nearly 1.5 million square feet.