TMR Investments is expanding its multifamily portfolio in Washington with the acquisition of The Village at Union Mills apartment homes, a 182-unit property in Lacey, Washington.
The Village at Union Mills is the seventh property in TMR’s Washington portfolio, which also includes Roosevelt Ridge (75 units), Overlander (115 units), Liam (80 units), Big Trout Lodge (297 units), Smyth (127 units), and Callan Apartments (189 units).
“We believe this will prove to be a historical time to acquire assets with incredible basis and strong market fundamentals,” says Joe Manca, Principal. “The Greater Olympia market is projected to have above average rent and population growth with a supply pipeline that will dramatically decrease in the next year, providing a clear path to compelling investor returns.”
TMR has budgeted $4.1M to execute a value-add repositioning strategy for this asset. This investment will include enhancements to The Village at Union Mills’ fitness center, clubhouse, and outdoor amenity spaces, the addition of electric vehicle charging stations, and rebranding, among other community-focused improvements. Interior unit renovations are planned with market-leading finishes, such as stainless-steel appliances, stone countertops, and contemporary lighting and hardware.
Based in Seattle, Washington, TMR Investments has been a sponsor of multifamily partnership investments specializing in value-add opportunities since 1981. Its current 5-state, 3,700-unit portfolio is valued at over $850M. TMR is driven by a commitment to protect and grow investor capital while delivering safe, clean, and inspired homes to the market at highly competitive rental rates. Disciplined business practices, conservative investment parameters, and a hands-on asset management style have produced outstanding returns for investors. During the company’s 44 years of operation, TMR has closed well over a billion dollars of multifamily transactions, generating outstanding cash flow and capital gain profits for investors. The company is proud of its 44-year track record without a single capital loss.
