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Rainier Meadows

Federal Way, WA

Rainier Meadows

Overview

Location

Federal Way, WA

Acquired

2016

Units

134

Acquisition Price

$16,921,000

Capital

$7,900,000

Status

Holding

Since 2012, the Puget Sound region has seen nothing short of spectacular economic growth. Huge numbers of high-paying tech sector job opportunities have caused rents and apartment values in core Seattle and eastside locations to sky rocket like no other time in history.

One result of the fast-rising rents was to push thousands renters out of the expensive core areas and into the suburbs, where rents were rising, but were still much more affordable. TMR has taken advantage of this spillover effect by focusing on value-add apartment acquisition opportunities outside the ultra-expensive core areas.

Rainier Meadows was just such an opportunity…and more! Incredibly, this mid-1980’s vintage property was still owned by its original builder who had taken excellent care of the property, but had never updated the apartment interiors. With existing rents 8% to 10% below the market, together with the significant increases that would be generated by TMR’s signature renovation program, the property offered exceptional profit potential. 

TMR negotiated an excellent price, due in part to the property’s low rents, and immediately began a full-scale renovation of the apartment interiors, grounds and common areas. We expect the property to produce significant cash flow for our investors and ultimately, an outstanding capital gain profit when the property is eventually resold.

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