Gibralter principal Gerry Pigotti tells GlobeSt.com the propertyhad been "very poorly" managed. The plan is to clean up the retailtenancy, rehab the façade and upgrade the apartment units and raiserents as tenants roll. About $200,000 has been budgeted for theimprovements, he says.

The retail space is anchored by Pasta Bella, a restaurant thathas been in the location for 18 years. Other tenants includeLiberty Tax, a neighborhood grocery and a drop station for drycleaning. "We want to get rid of the dry cleaners and expand therestaurant," Pigotti tells GlobeSt.com.

Gibraltar is a full service brokerage, property management andconsulting company that invests on behalf of its principals andother investors. Pigotti's partner is Kurt Fisher. Their portfolioincludes about 360 apartment units and 200,000 sf of office andretail space in a couple of dozen properties split between thePuget Sound area and the Tri-Cities in Eastern Washington.