News
IMG Announces Multifamily Sale in Seattle
Woodland Hills, CA – May 29, 2025 – Investors Management Group, Inc. (“IMG”) announced the sale of Foster Creek Apartments, a 179-unit multifamily community located at 15110 Macadam Road South in Tukwila, WA.
IMG acquired the asset off-market in July 2015 as a value-add investment opportunity. The property was constructed in phases between 1968 and 1978, offering upside through building improvements and operating efficiencies. “Foster Creek was a perfect fit for our acquisition strategy – find high-potential locations and follow through with focused improvement plans,” said Kevin Crook, IMG’s Director of Business Development.
Foster Creek is ideally located off I-5 between Seattle and Tacoma, within miles from SeaTac International Airport and Westfield Southcenter Mall. Residents benefit from proximity to the Kent Valley industrial corridor – home to more than 130 million square feet of commercial space and a major employment base. Nearby employers include Boeing, Blue Origin, Amazon and Meta. The area’s affordability, access to job centers, and high livability contribute to its renter appeal; highlighted by its ranking as a “Top 25 Best Suburbs for Young Professionals in Washington” by Niche.
IMG’s strategic business plan generated attractive investment results. After three years of ownership, a refinance returned 100% of original capital to investors. Over a 10-year hold period, the property delivered a 25% internal rate of return (IRR), a 2.9x equity multiple, and an 8.1% average annual cash-on-cash return. Foster Creek’s value appreciated more than 60% over the hold period.
IMG directed $3.7 million in capital expenditures to modernize the property. Upgrades included a remodeled leasing office, design and build out of a new fitness center, resurfaced parking areas, value enhancing exterior painting where needed, new roofs on Phase III, and remodeled unit interiors. These improvements elevated the resident experience and positioned the asset more competitively in the market.
“Foster Creek is a great example of what we aim to do – find overlooked properties in strong markets and improve them in ways that benefit both our residents and our investors,” said IMG Founder & CEO, Neil Schimmel. “We’re proud to deliver strong results to our investors while contributing quality housing to greater Seattle.”
Since 2015, IMG has transacted over $154 million in the Seattle metro, achieving an average return of 28% on sold properties.
Ben Johnson and David Sorensen, Managing Directors at Berkadia Seattle, represented IMG in the transaction.
About Investors Management Group
Founded by Neil Schimmel, IMG is a nationally acclaimed real estate investment and asset management firm highly specialized in apartment communities. Our mission is to create vibrant, sustainable living environments through strategic investments and a commitment to community development. With a network of over 1,000 accredited investors, we strive to enhance the quality of life for our 5,000+ tenants nationwide and support the growth of local neighborhoods. IMG’s culture is characterized by innovation and a steadfast commitment to creating value in multifamily investments. Learn more