For its second Tacoma purchase, California apartment developer buys Albers Mill

Tacoma News TribuneJanuary 7, 2014 

Albers Mill, on the Foss Waterway, now is owned by a California apartment developer.

JOHN GILLIE — Staff writer

California-based apartment developer ColRich has acquired its second apartment building in Tacoma, buying the historic Albers Mill property.

The $8.1 million sale of the building at 1821 Dock St. closed last month. ColRich bought Chelsea Heights, on the corner of Sixth Avenue and J Street, in May 2013 for $18.8 million.

Jim Jensen of Hendricks-Berkadia, who brokered both deals, said the building was in strong shape at the time of the purchase, with almost 100 percent occupancy and new commercial tenants including a mortgage company and an attorney's office.

Albers Mill is one of the city's examples of a successful historic renovation. The grain mill was built in 1904 and almost was torn down in the early 2000s as part of the redevelopment of the Foss Waterway. Alaska-based developer Grace Pleasants convinced city and business leaders to let her company renovate it, and it opened with 36 loft-style apartments and ground-floor commercial space.

In 2012, owners and investors in Albers Mill had a nasty and protracted legal fight that resulted in a secondary lender taking ownership of the property. It's that lender, GMAB LLC, that sold to ColRich.

 

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