Purchase of Park View
Meter is pleased to announce its most recent acquisition, the Parkview Apartments located in Wenatchee, Washington. The 112-unit property was purchased for $9,350,000 in February 2017. The Wenatchee market has strong fundamentals and is benefiting from job growth, an increasing retiree demographic, tourism, server farms and agriculture, particularly around the wine industry. All of this has caused the vacancy rates in the region to be extremely low. Prime for a Meter style renovation, the Parkview Apartments will benefit from a light rehabilitation plan in order to increase rents over the next 18 months. This will be a long term hold for Meter and our investors whereby the focus will be on modest rent growth, appreciation and strong cash flows. Meter’s core business continues to be in identifying assets and opportunities where unrealized value can be monetized. The acquisition of Parkview is exemplary of this strategy.