Sale of The Miller

Meter is pleased to announce the sale of The Miller Apartments located in the highly desirable Stadium District of Tacoma.

in 2015 Meter identified this classic, vintage apartment building as a value-add opportunity due to deferred maintenance at the property.  Meter is proud to have restored this Northwest classic focusing on common area upgrades to the exterior and interior spaces.  Meter was able to improve operations and in two years, increase the NOI by 27%.

Purchase Date: 5/15/2015

Purchase Price: $4.25 MM

Renovation Costs: $275K

Sale Date 8/31/2017

Sales Price: $6.4MM

IRR: 29.52%