Clackamas apartment complex gets $1.8 million rehab
Investors Management Group (IMG) officials say they have put $1.8 million into renovating a 136-unit apartment community in Clackamas since acquiring the property in November 2017.
Formerly known as Lawnfield Gardens, the 1977 apartment complex's new Caldera at Sunnybrook name was inspired by the property's position at the base of Mount Talbert, a volcanic cinder cone rising 740 feet above the neighborhood, located 12 miles southeast of downtown Portland.
On June 17, IMG officials held a ribbon cutting for a new contemporary-style clubhouse featuring a leasing office, resident lounge, "smart" laundry and 24-hour fitness facility. The clubhouse opened to residents last month.
Recycled barn wood from a nearby Canby farm was incorporated in the clubhouse's interior design. Outside, a new barbecue area and firepit with outdoor seating was created and oriented to preserve the tree-lined valley views.
The investment group said nearly $1.4 million of the renovation funds went to apartment interiors, rehabbing the outdated kitchens and living rooms.
IMG officials say developers have been slow to target the Clackamas area, despite it being "one of the region's strongest submarkets." Until recently, Clackamas' older demographic and limited availability of multifamily developable land reportedly stalled developers' interest.
"Clackamas has become a hot spot for real estate investors," said Karlin Conklin, IMG principal and executive vice president. "New residents looking for better housing value and moving away from the downtown core have propelled demand. IMG raised a total of $8.3 million in private investor equity to capitalize the property's transformation."
The apartment complex comprises 14 buildings and 120,136 square feet at 9900 S.E. Lawnfield Road.
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