Pierce County apartment complex built during pandemic sells for $94M. Here are details
A recently built apartment complex between South Hill and Graham has new owners after a sale recorded Sept. 27.
Ascend Rainier Ridge, 10423 Rainier Ridge Blvd. E., sold for $94 million to an LLC affiliated with K-W Properties representing Kennedy Wilson of Beverly Hills.
Kennedy Wilson is a global real estate investment firm. The seller was an LLC affiliated with DHI Communities, a subsidiary of D.R. Horton of Arlington, Texas.
County records show 315 units were built in 2021 across two parcels totaling more than 14 acres.
Emily Heidt, vice president of communications for Kennedy Wilson, confirmed the purchase with The News Tribune on Thursday.
“Kennedy Wilson is the buyer, along with a partner,” Heidt said via email. No further details were made available.
Details about Ascend Rainier Ridge in apartment listings online describe the complex as containing a mix of “apartments, casitas and duplexes offering one, two and three- bedroom floor plans.”
The listings say the community offers “EV charging stations, two dog parks, a heated pool and cabana lounge, on-site coffee bar and a fully-equipped fitness center.”
County property records also show a mix of garages and carports.
Kennedy Wilson, on its website, says it retains various percentages of ownership in its global real estate portfolio. Its “select property list” includes about 40 apartment complexes in the Pacific Northwest and two office buildings (Bellevue and Issaquah).
“Kennedy Wilson’s ownership in these properties ranges between 5% to 100%,” according to the website.
Tacoma apartments on the list include Apex and Vintage at Tacoma, as well as several other “Vintage” brand apartments, including South Hill by Vintage. Bella Sonoma in Fife and Belara in Auburn are also listed.
The list includes properties in California, Hawaii, several western states, Ireland, Italy, Spain and United Kingdom.
Kennedy Wilson’s website describes its work primarily focused “on multifamily and office properties as well as industrial and debt investments in our investment management business.”
The sale was first reported by The Registry Puget Sound real estate news website.
