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Investors Management Group, Inc. (IMG) has completed the disposition of Valley Vista Apartments, a 108-unit multifamily community in Tacoma, for $15.85 million. The garden-style property is located at 6830 Tacoma Mall Boulevard, placing it in close proximity to the Tacoma Mall and a range of nearby employment centers. IMG originally acquired the community in October 2016 for $11.4 million and identified it at that time as a value-add opportunity.
Built in 1986, Valley Vista Apartments offered IMG the chance to reposition an older asset through targeted upgrades and operational improvements. The firm implemented a value-add investment strategy that emphasized enhancing both the residences and shared spaces, alongside efforts to improve property operations. The business plan was designed to drive income growth and strengthen the property’s competitive position within the local multifamily market.
As part of this program, IMG directed approximately $2.5 million in capital expenditures at Valley Vista. The improvements included the addition of a new exercise and community room intended to boost resident amenities, as well as an updated community deck that refreshes the property’s outdoor gathering space. The firm also modernized the leasing office and undertook ongoing site improvements across the community, reflecting a comprehensive approach to capital upgrades.
The asset’s South Tacoma location, adjacent to the Tacoma Mall, places residents near a variety of retail services and transportation links. Valley Vista also benefits from its proximity to major regional employers, including Joint Base Lewis-McChord, Virginia Mason Franciscan Health System, MultiCare Health System, and the Port of Tacoma. This employment base underpins local renter demand and supports the property’s positioning as a workforce-oriented multifamily community.
IMG’s sale of Valley Vista Apartments follows a period of sustained transaction activity for the firm in the broader region. Since 2015, IMG has completed more than $170 million in transactions in the Seattle metro area. The disposition of Valley Vista continues that track record, marking another realized value-add investment in the company’s Pacific Northwest portfolio.
The post IMG Sells Valley Vista Apartments in Tacoma for $15.85M appeared first on CRE Market Beat.
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