Our Portfolio

179 Units — Seattle Metro

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FOSTER CREEK

Units: 179
Year(s) built: 1968-1978
Location: Tukwila, Washington
Purchase price (2015): $17.7 million
1031 exchanges: 4
Equity invested: $5.2 million
CapEx budget: $2.9 million

  • Appraised value at refinance (2018): $34.6 million
  • Investor cash distribution: 100%

Investment Highlights

IMG acquired Foster Creek off-market. Its outdated unit interiors and passive management had prevented rent growth to keep pace with Seattle's record-setting market.

During the first three years of IMG ownership, rental income grew at an annual rate of 9.5%. This steadily boosted investor cash-on-cash returns to a level of 13.6%.

Cash-out proceeds from a refinance event returned the full amount of the owner’s original equity. Nearly all of the investors directed their refinance cash into a subsequent IMG-sponsored acquisition.