IMG Completes $16M Sale of Tacoma Multifamily Asset
Investors Management Group, Inc. (IMG) announced the sale of Valley Vista Apartments, a 108-unit multifamily community located at 6830 Tacoma Mall Boulevard in Tacoma, for $15.85 million.
IMG acquired Valley Vista in October 2016 for $11.4 million, targeting the 1986-vintage property as a value-add opportunity. The investment strategy focused on driving upside through upgrades to units and community amenities, as well as making operating improvements.
Valley Vista is ideally situated in South Tacoma, adjacent to the Tacoma Mall. The property is located near employment opportunities, including Joint Base Lewis-McChord, Virginia Mason Franciscan Health System, MultiCare Health System, and the Port of Tacoma.
IMG directed $2.5 million in capital expenditures, including a new exercise and community room, updated community deck, refreshed leasing office, and ongoing site improvements. Since 2015, IMG has transacted over $170 million in the Seattle metro.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout