Our Portfolio

Sold: 168 units — Seattle Metro

Year built: 1979
Location: Tacoma, WA
Purchase price (2014): $11 million
Equity placed: $4.8 million
CapEx budget: $6.4 million
Sale Price (2019): $30 million

  • Investor IRR: 22.5%
  • Equity multiple: 2.67x

In the News

orion night shot

Investment Highlights

Prior to IMG’s acquisition in 2014, the property suffered from decades of deferred maintenance and poor management. Occupancy and rents were substantially below market as a result.

Under IMG’s ownership, this 15-story high-rise apartment tower was renovated and elevated from a value-add to a core-plus asset. Its multimillion-dollar face-lift received positive attention from the local news and Tacoma Police Department. Income grew by +15% and NOI by +27% annually over the 5-year ownership period.

Upon the sale of the property, several owners exchanged their equity— which had more than doubled— into another IMG-sponsored acquisition to legally defer their tax liability. The replacement property, located in a top-ranked Southeastern U.S. metro, gave investors an improved basis for cash returns and tax benefits.