186 Units — Denver Metro
Vistas at Plum Creek
Year built: 1987
Location: Castle Rock, Colorado
Submarket: South Douglas County
Acquired: March 2016
Purchase price: $23.9 million
1031 exchanges: 5
Equity invested: $8.5 million
CapEx budget: $1.8 million
- Appraised value at refinance (2018): $37.8 million
- Cash distribution of investor equity: 35%
This apartment community’s competitive qualities- such as its walking distance to historic downtown, mountain views and amenities package- was offset by dated unit interiors and poor management.
After the first year of IMG ownership, rent premiums for renovated units averaged $170 per month (15%+ year-over-year). As the property’s rehab neared completion, total income had grown nearly 30%.