Parkland-area apartment community sells for $28 million
A large apartment complex near Interstate 5 and state Route 512 outside Tacoma has come under new ownership.
Westminster Towers, 10925 Park Ave. S. in the Parkland area, sold earlier this month for $28 million to a private investor in a 1031 exchange, which allows an investor to sell a property, reinvest the proceeds in a new property and defer capital gain taxes, according to the sale’s brokers.
The seller was Westminster Towers LLC of Fife, led by developer Mark Carpenter. The buyer was listed in county records as PCS Kent LP, care of Latigo Management of Scotts Valley, California.
The sale was announced Monday by real estate brokers Marcus & Millichap. The fully gated site, built in 1997, is a 139-unit multifamily complex with apartments of varying sizes up to 1,137 square feet. Amenities include a clubhouse, fitness center, swimming pool and gazebo as well as a garage and covered space parking.
“Westminster Towers is an institutional-quality value-added property that has received many interior renovations over the past two years,” said Timothy Ufkes, senior vice president investments in Marcus & Millichap’s Seattle office in Monday’s announcement.
This story was originally published September 15, 2020 at 5:00 AM.
