VALUE-ADD MULTIFAMILY CASE STUDY
PROPERTY INFO
Units: 136
Year built: 1980
Location: Clackamas, Oregon
Market: Portland-Vancouver-Hillsboro, OR-WA MSA
Purchase price (2017): $19 million
Appraised value at refinance (2019): $27 million
1031 exchanges: 5
Equity invested: $8.3 million
IMG acquired this owner-managed property off-market. This property’s location at the base of Mt. Talbert— an ancient volcanic cinder cone just 10 miles southeast of downtown Portland, Oregon— provided IMG a unique rebranding and repositioning opportunity. Poor operating performance and an outdated amenity set had resulted in rental rates 20% below market.
Operations have surged under IMG's ownership and asset management. Caldera’s appraised value at refinance represents a 40% appreciation increase from the purchase price.
The new loan provides a 50% return of capital to owners and funds ongoing property improvements.
Clackamas apartment complex gets $1.8 million rehab − Clackamas Review
Why Asset Management Is Paramount Today - MultiHousing News
Opportunities on the Horizon – IMG CEO interviewed in GlobeSt