Out-of-state buyers still snapping up Tacoma-area apartments for high dollars
High-dollar apartment sales continued to be all the rage for Pierce County in the final month of 2019.
In Tacoma, The Pacifica, 4275 S. Pine St. was purchased from Green Leaf Pacifica LLC of Pleasanton, California, by KWSB Pacifica Owner LLC of Beverly Hills, California, for $41 million.
KWSB is tied to Kennedy Wilson, a real estate investment company with $16 billion of assets under management, according to its website. It’s been on a recent buying spree in December, purchasing office property Canyon Park East in Bothell for $54.6 million and a trio of business parks in the Denver area for $116 million.
The Pacifica deal was one of five multifamily properties in Washington, Oregon, Colorado, Nevada and New Mexico that it announced acquiring on Dec. 20, the same day The Pacifica sale was recorded in Pierce County.
“This off-market opportunity to acquire a collection of well-located apartment communities is a great way to cap off a year that emphasized improving our multifamily portfolio to include high-quality, income-generating communities where we are adding substantial value,” said senior managing director Shem Streeter in a news release. Streeter leads acquisitions for Kennedy Wilson’s U.S. multifamily division.
“We are confident in the underlying demographics and economic fundamentals of these markets,” Streeter added.
The company also said its “asset management plan includes adding and enhancing amenities and updating unit interiors across the portfolio.”
The 177-unit complex near the Tacoma Mall was built in 2013 by The Rush Companies and was sold to Green Leaf in 2016 for $36.2 million.
The Pacifica was the largest apartment development built in Tacoma in the first few years following the Great Recession, and top floor windows offer distant mountain range views.
That wasn’t the only apartment sale in the county for December.
▪ In Edgewood, the 254-unit The Arbors at Edgewood, 10304 20th St. E., was purchased from Carrera Holdings LLC of Kent, represented by Michael Chaffeur, by Arbors Owner LLC of Dallas for $64.7 million.
Records filed with the county show an agent with Goldman Sachs Asset Management Private Real Estate as the authorized signatory for Arbors Owner LLC.
The sale was recorded Dec. 26.
Chaffeur and partner Randy Goodwin of Eagle Creek Land & Development built The Arbors in 2016.
▪ Earlier in December, MIG Real Estate of California acquired Bradley Park Apartments on Seventh Street SE and 23rd Avenue SE in Puyallup for $43.7 million.
News of the sales were first reported in December at The Registry real estate website.
This story was originally published January 3, 2020 at 5:30 AM.
