Our Portfolio

186 Units — Denver Metro

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Vistas at Plum Creek

Units: 186
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%

Investment Highlights

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%.