Home Industry News IMG Sells Sunset View in Renton for $33.6MM to The Meter Group

IMG Sells Sunset View in Renton for $33.6MM to The Meter Group

IMG, Sunset View, The Meter Group, Seattle, Puget Sound

The Meter Group purchased the 240-unit Sunset View apartment complex for $33.6 million from Investors Management Group (IMG) of Los Angeles. Rasameel Structured Finance Co. of Kuwait was the lead investor on the transaction. Property Income Advisors, Inc. advised Rasameel on the investment. The property is located in Renton, just off I-5 (exit 157) on Sunset Blvd with ideal access to Seattle’s city core and major employment hubs.

Dave Schumacher, Senior Vice President, and Dylan Simon, Vice President, of Colliers International represented Investors Management Group.

IMG purchased the property in March 2014 for $21,900,000 and performed limited unit and exterior renovations and landscaping. The Sunset View apartments are located in the heart of the strong and rapidly growing Renton market, and the building maintained over 95% occupancy without concessions for the entire year.

The Sunset View deal had many hurdles to clear including the first time Fannie Mae modified an existing first mortgage to accommodate a specialized Sharia compliant structure, along with placement of a supplemental loan and a loan assumption.

Investors Management Group (IMG) is a private real estate investment firm that focuses exclusively on the multifamily sector. The firm specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation.

About Colliers International
Colliers International (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.