preserve and expand high-quality, affordable housing
Preservation
At Great Expectations, our mission is to preserve and expand high-quality, deeply affordable housing for working families and vulnerable residents across the Pacific Northwest.
Over the past four years, we have acquired, rehabilitated, or re-stabilized more than a dozen multifamily properties—often stepping in where affordability was at risk due to mismanagement, financial distress, or expiring subsidies.
The challenge and opportunity is being driven by a convergence of market dynamics:
- Historic surge in new apartment supply has softened market rents, often making new construction comparable in rent to affordable;
- Operating costs—including labor, insurance, and utilities—have risen sharply;
- Regulatory pressures and increasingly complex landlord-tenant laws have made operations more difficult, and has caused the exit of many managers;
-
Many owners, especially non profits, have become over-extended following the building boom of 2021-24 and need to sell assets to remain solvent
The result is a growing pipeline of distressed, often mismanaged, affordable and workforce housing—properties that are at risk of disinvestment or permanent loss from the affordable housing stock.
The following case studies highlight a selection of preservation projects that demonstrate our ability to:
- Act quickly and creatively to secure at-risk properties;
- Partner with public and mission-aligned institutions;
- Deliver cost-effective renovations under tight timelines;
- Operate affordable housing with excellence through our vertically integrated platform
Ceiba Redevelopment
Tacoma
Honeysuckle Apartments
Seattle
Columbia Apartments
Seattle
Corylus
Seattle
Partner With Us
We are now seeking aligned capital partners to help us scale this work. The need is urgent—and the potential for impact is real.
These case studies reflect what we do best: unlock value in overlooked assets, deliver dignified housing for people of modest means, and generate durable impact through disciplined execution.
admin@grtexp.co
206.651.3956
