Time Equities: 192nd West Lofts TIC
Investment Overview
A 163-unit, 3-building class-A multi-family garden style apartment complex located in the Fisher’s Market East neighborhood of Vancouver, Washington, approximately 10 miles from downtown Portland, Oregon. Built in 2021, the Property is currently 91% leased. Property amenities include a lounge, business center, fitness center, and electric car charging, pet grooming, and a package receiving station.
The Property’s residents benefit from convenient commuting proximity to downtown Portland’s business and urban hub, while being located in Washington (an income tax-free state). Vancouver, Washington offers excellent schools, family-friendly neighborhoods, and a wide range of outdoor recreational opportunities, catering to residents seeking an urban environment with close proximity to business and cultural hubs.
Sponsor plans to pursue accretive financing of the Property, depending on capital market conditions and interest rates, in a timeframe estimated to be prior to the 3rd anniversary of the last TIC owner to close on a TIC interest in the Property.
Offering Strengths
Strong overall market dynamics. Cash-out refinance is positive for some investors.
Offering Weaknesses
TIC structure is not a fit for many investors.
Key Facts
Sponsor: Time Equities
Structure: Tenant in Common (TIC)
Location(s): Washington
Property Type(s): Multifamily
Assumable Loan: No Loan; All-Cash
Estimated Hold Period: 7 Years
Key Features
1031 Exchange: Yes
721 Exchange/UPREIT: No
Cash-Out Refinance: Yes; 55% LTV
Income Guarantee: No
Distribution Forecast
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor Cash Flow | 5.00% | 5.06% | 5.25% | 5.65% | 6.06% | 6.49% | 6.93% | Sold | Sold | Sold |
Sponsor Overview
Founded in 1966, Time Equities, Inc. (“TEI”) is a diversified investment, development, asset and property management, licensed real estate brokerage, and alternative energy company that has been in business for more than 57 years. The TEI portfolio includes approximately 43.2 million square feet of residential, industrial, office and retail property including about 5,000 multi-family apartment units, approximately 635,000 square feet in pending acquisitions, and 2.8 million square feet of various property types in stages of pre-development and development. With 342 properties across 36 states, five Canadian provinces, Anguilla, Germany, Italy, the Netherlands, and Scotland, the TEI portfolio benefits from a diversity of asset types including non-performing loans, B-notes, and alternative energy investments. TEI has a variety of market concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated.