Orchard Pointe, a 17-year-old, vinyl-sided apartment complex in Vancouver, Washington, wouldn’t have drawn a second look from Invesco Real Estate in early 2010, when most multifamily-property investors wanted newer, trophy buildings in coastal markets such as New York and San Francisco.
“We wouldn’t have even considered it,” Greg Kraus, head of acquisitions at the Dallas-based real estate arm of asset manager Invesco Ltd. (IVZ), said in an interview.
By December, the firm had purchased the 388-unit Orchard Pointe, located about 15 miles (24 kilometers) from downtown Portland, Oregon, on behalf of a client for more than $31 million. It plans to raise rents after spending about $4 million to renovate the garden apartments, including removing the vinyl siding, Kraus said.
via Apartment Investors in U.S. Not Scared by Vinyl Siding in Search for Yield – Bloomberg.