$1.8M renovation underway at IMG’s Portland, Oregon asset
Portland, Oregon – June 18, 2019 – Caldera at Sunnybrook, a 136-unit apartment community in the Portland, OR MSA is undergoing a $1.8 million renovation since its acquisition by Investors Management Group.
Formerly known as Lawnfield Gardens, the new Caldera name was inspired from the property’s position at the base of Mount Talbert, a unique volcanic cinder cone rising 740 ft above the neighborhood, 12 miles southeast of downtown Portland.
A brand new contemporary-style clubhouse featuring a leasing office, resident lounge, ‘smart’ laundry facility and 24-hour access fitness facility opens to residents this month.
Recycled barn wood from a farm in nearby Canby, Oregon was incorporated in the interior design. Outside the clubhouse, a new barbecue area and fire pit with outdoor seating was created and oriented to preserve the tree-lined valley views.
Over $1M in work has already been done to improve interiors, including rehabbing the outdated kitchens and living rooms in the 1977-vintage property.
Caldera sits in one of Portland’s strongest submarkets in terms of fundamentals and apartment inventory, but developers have been slow to target this area. An older demographic and limited availability of multifamily development land has stalled interest in this submarket, until recently.
According to Karlin Conklin, IMG Principal & Executive VP, “Portland’s suburbs have become a hot spot for real estate investors. New residents looking for better housing value and moving away from the downtown core have propelled demand. IMG raised a total of $8.3M in private investor equity to capitalize the property’s transformation.”
The acquisition of the 14-building/120,136SF apartment community at 9900 SE Lawnfield Rd. in Clackamas in November 2017 was part of IMG’s unique “IPA” real estate investment philosophy– different than the craft beer scene’s hoppy acronym.
“We buy Intrinsic value at an attractive Price per pound in dynamic locations that are Affordable for renters. Caldera is ideally suited to our IPA strategy, focused on investing in upgrades and improved property management to increase value,” noted IMG’s CEO Neil Schimmel.
Purchased at $140K/unit in 2017, the property today is valued at over $171K/door.
The Woodland-Hills, California based firm has recently grown its Investor Relations and Asset Management staff in its downtown Portland office.
For more information, please call IMG at (747) 262-5600 or email firstname.lastname@example.org.
© Photography by Craig Mitchelldyer