After years of looking, a group of Seattle private investors found a foothold in Tacoma with its purchase of the historic Webster Apartments in downtowns Triangle neighborhood.
I think youve caught the wave in Tacoma, Jeff Tilden said Wednesday. Tilden is one of several people, most from Seattle, who pooled their money to buy the Webster. Yall have done so much with the town in the past 20 years. Its been wonderful to watch. We are excited about owning something in Tacoma.
Tilden and his partners, two of whom are his brothers, paid $3 million for the 1903 building at 629 St. Helens Ave. It has retailers on the ground floor above three stories of apartments. Its been on the citys historic register since 2003.
The $3 million sale closed in February. Tilden, a lawyer, said this is the first property in Tacoma that his group has been able to buy, though theyve been looking for awhile.
Weve always been beaten out by people who are prepared to pay more, he said. Its hard for one person to amass enough money to buy a large building in Tacoma. But its easier for couples who work and save.
The Webster is just south of another historic landmark recently purchased by Seattle investors. Ethos Property Group bought The Walker last summer. Both properties share a property management company.
Tilden and his partners plan to spend about $500,000 on remodeling the apartments and common areas this summer. He said the building is in great shape, and he and his partners plan to own the building for some time.
Were long-term buy-and-hold people, he said. We believe in the area.