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.
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