About the Owner
Erik Magnuson is the owner, president, and designated broker of 3KEYS Residential. As such, Erik is responsible for all aspects of the company including management oversight, financial viability, growth of the company, and strategic direction. 3KEYS is a leading residential real estate management company based in Kirkland, Washington with a portfolio of residential properties throughout King County, with an emphasis on the Eastside.
Erik Magnuson is a second-generation, multi-award-winning real estate professional with 30 years of industry experience throughout the Western United States. Erik is an operational industry veteran, having extensive and successful experience in residential investment real estate management, acquisitions, development, and rehabilitation. Over the course of Erik's career, he has successfully managed over 5,500 units comprised of garden-style apartment communities, mixed-use mid-rise apartment buildings, high-rise apartment buildings, new ground-up apartment developments, apartment to-condominium conversions, single-family residences, homeowners’ associations, commercial owners’ associations, office, and retail properties, all with a value exceeding $1.75 billion. Throughout Erik’s management of these properties, he facilitated and managed $65 million in construction and capital expenditure projects – from managing the day-to-day operating repairs and maintenance, to implementing value-add strategies, to managing large installment and replacement projects. To date, Erik has analyzed and underwritten over $9 billion in real estate.
In addition to Erik’s extensive background in investment real estate management, Erik also worked for a couple real estate private equity firms, specializing in the acquisition, development, investment, and management of large-scale, institutional-grade multifamily assets throughout the Western U.S. During Erik’s tenure, he oversaw the entire West Coast territory. Erik directly managed the acquisitions and development of 1,500 multifamily units in four states. Those properties had a combined purchase price of approximately $200 million and placed $75 million in private equity. Since Erik’s acquisition of those properties, they have all sold for a combined disposition price of approximately $315 million. Producing sales profits alone of $115 million (excluding total cash flow) for the limited partners and general partner.
The various real estate management and investment companies Erik worked for – prior to purchasing 3KEYS – have a combined value of assets under management exceeding $100 billion, totaling over 1.5 million units worldwide. Known as “The Fixer”, Erik is a nationally recognized real estate industry leader. Erik is well known for turning underperforming, problematic properties into successful cash flowing assets. As an asset manager for the nation's largest property management company, Erik was awarded “Regional Manager of the Year”. Erik was also awarded twice for reaching “Platinum” level (placing in the top 3 in the nation) as a top-performing asset manager among over 250 senior-level manager and executive colleagues.
Erik has rolled up his sleeves ever since he was old enough to work. As a young teenager, Erik started out working for a local fresh produce grocer, various commercial and residential roofing companies, apartment reconstruction company, various landscape and tree trimming companies, various hotel, hospitality, and restaurant companies, and even worked as a commercial fisherman out of Bristol Bay/Bering Sea, Alaska.
Prior to “professional” work, Erik regularly accompanied his father, John W. Magnuson, CPM®, while visiting various multifamily assets owned and managed by his father and his companies. His father began teaching Erik at an early age the core principles for successfully owning a real estate management business as well as owning, investing, and managing real estate. Successful business ownership and investment real estate ownership, investment, and management are in Erik’s blood.
Erik is the Chair of the company’s Advisory Council. The advisory council is made up of three industry veterans who have over 120 combined years of high-level experience in real estate ownership, investment, and management. Company clients, tenants, vendors – and anyone else with whom 3KEYS interacts with – benefit from their seasoned and high-level perspectives.
Erik is a licensed real estate managing broker with a designated broker endorsement from the Washington State Department of Licensing. Erik is a Certified Property Manager® (CPM®) designee candidate through the Institute of Real Estate Management® (IREM®). The CPM® is the highest and most prestigious designation offered by IREM®. It serves as the global gold standard for real estate and asset management, signaling elite capabilities.
Erik graduated from Johnson & Wales University where he earned his bachelor of science and associate in science degrees in Hotel Management. Johnson & Wales University has been a top-rated hospitality university for decades. Erik graduated from Bellarmine Preparatory School where he earned his college preparatory diploma. Erik received his elementary diploma from St. Frances Cabrini Catholic School on behalf of the Archdiocese of Seattle.
In Erik’s spare time, he enjoys boating, wakeboarding, snow skiing, working out at the gym, and cruising in his world-renowned, award-winning 1970 Chevelle 396 L78.