an expanding
national
footprint

TMR acquired Hangar 128 in April 2014, a 223-unit property built in 1986 and located in south Snohomish County—one of Seattle’s strongest submarkets at the time. The community featured a unique mix of 1-, 2-, and 3-bedroom units, each with wood-burning fireplaces. The previous owner had begun renovations, including repainting all 18 buildings, replacing several roofs, and repairing damaged siding, but had not updated the apartment interiors, leasing office, cabana, or grounds.

TMR began extensive renovations immediately after acquisition. The revitalized property exceeded performance expectations and earned first place honors for “Best Renovation of 2016 (151+ Units)” at the Washington State Multi-Family Association’s Emerald Awards.

Hangar 128 was sold in February 2017, setting a new record for renovated 1980s vintage properties in South Snohomish County. Investors realized a cumulative simple return of 78% (or 28.9% annually) and a 24% IRR.