$82 million in apartment properties sold in Tacoma area in the space of a few days
Three apartment deals that closed in September offer more evidence of the Tacoma area’s active and ever-higher-priced real estate market.
The sales included:
Orion Apartments
The site at 29 St. Helens Ave. was purchased Sept. 10 for $30.24 million, which is quite the turnaround from its days as Commencement Terrace, built in 1979, and its last sale in 2014.
Bellevue-based Curtis Capital Group purchased the 168-unit high rise from Investors Management Group of Woodland Hills, California.
IMG paid $11 million for the property in 2014.
IMG’s release about the sale noted: “Prior to IMG’s acquisition in 2014, the property suffered from decades of deferred maintenance and poor management; occupancy and rents were substantially below market as a result. During its ownership period, IMG’s Asset Management group directed renovations of all unit interiors, incorporated water and energy-saving features, and substantially enhanced the community amenities set.”
In 2016, The News Tribune reported that the apartments’ overhaul was part of a new wave of multi-family housing in the area.
In a statement about the recent sale, IMG president and CEO Neil Schimmel said: “Tacoma is undergoing an impressive renaissance — and we offered competitive leasing rates for Stadium District renters.”
Orion rents range from $1,325 for one-bedroom to $1,575 for two-bedroom.
Vista del Rey Apartments
The apartments in the Stadium District at 319 N. Tacoma Ave sold Sept. 18 for $25.7 million.
The new owners are VDR Investment Homes LLC of Tacoma, led by Rose Stanek-Norbe of Tyroda LLC, purchased from a group of investors based in Seattle, Anchorage and Bozeman, Montana, listed under Twin Spits LLC.
The 130-unit high rise, built in 1950, was marketed as being “surrounded by $1 million homes,” attracting an “affluent tenant base.”
The same marketing flyer also showed potential rent increases that could be applied with site improvements, including “more aggressive amenity pricing, charging for both floor and view premiums,” with renovations adding about $400 to rents for two-bedrooms ranging from $2,100-$2,300 depending on square footage (ranging from 950-1,120 square feet) and view.
Included in the sale was an adjoining .67-acre parcel “that could potentially accommodate an additional 130 units,” according to a release from Kidder Mathews about the sale.
“The vision for Vista Del Rey is to modernize while maintaining its classic mid-century appeal,” said Stanek-Norbe in the release.
Stanek-Norbe also is part of X2Brose Proctor LLC, which was involved in the April purchase of a Proctor building that at the time included as tenants Culpepper Books, Umpqua Bank, Europa Bistro and Refinery Style Bar.
That building purchase cost nearly $2.7 million and previously sold in 2005 for just over $213,000.
5100 Summit
A gated community of one and two-bedroom apartments at 5102 110th St. E. sold Sept. 19 for $26 million.
The units, whose construction finished this year, are between Puyallup and Lakewood and 2.5 miles west of South Hill Mall.
The apartments were purchased by Woodspear 5100 Summit LLC of Denver from developer Summit Terrace LLC of Fife.
“Pierce County is one of the fastest-growing markets in the U.S. and is attracting large regional and national developers,” said Tim Ufkes, senior vice president of investments for Marcus & Millichap, who represented the seller, in a release announcing the sale.
The units are up to 1,077 square feet, with a balcony and attached garage or carport. Rents range from $1,230 to $1,550. The complex also has a fitness and tanning center, as well as a community patio and barbecue area.
September as a whole has been an impressive month for high-profile commercial property sales. Tacoma Central shopping center parcels also sold in September for nearly $30 million.
This story was originally published September 30, 2019 at 6:00 AM.
