Developer aims to sell 6 South Sound multifamily properties valued at a combined $278M
A condominium-turned-apartment site in Tacoma is among six properties listed for sale by a Tacoma-based developer.
Harbor Custom Development, formerly headquartered in Gig Harbor, on Thursday announced the listing of the properties for a combined value of $278 million.
The 80-unit Pacific Ridge, 8445 Pacific Ave., Tacoma, which has been under construction this year, was among the properties.
The others are:
▪ Mills Crossing (townhomes), Bremerton, 36 units.
▪ Belfair View, Belfair, 228 units.
▪ Wyndstone, Yelm, 75 units.
▪ Tanglewilde, Lacey, 177 units.
▪ Bridgeview Trails, Port Orchard, 138 units.
“Rental rates continue to escalate at unprecedented levels, driving up project apartment values as demand for multifamily housing exceeds the limited supply in the Puget Sound Region of Western Washington,” said Sterling Griffin, president and CEO of Harbor Custom Development in a statement issued Thursday.
“We are capitalizing on this market dynamic by listing for sale our current owned inventory of six apartment projects totaling 734 units in various stages of construction.”
The properties are listed with Kidder Mathews and are expected to sell over the next 24 months, according to a Harbor news release.
“The Puget Sound Region apartment market and specifically the Seattle, Tacoma (metropolitan statistical area) continue to outperform the majority of the country,” Austin Kelley, senior vice president at Kidder Mathews, stated in a news release.
Griffin, in an interview earlier this year with The News Tribune, said the Tacoma project would become apartments after its initial development as condominiums.
Market forces over the past 12 months, he explained at the time, made apartments more valuable than condos.
The site is valued at $30 million on Harbor’s website.
Pacific Ridge is part of thousands of new multifamily units set to be completed in Tacoma by a wide range of developers in the next three years.
Harbor Custom Development, a publicly traded company, has been in growth mode, announcing April 18 its recent expansion in the Austin market with 208 single-family lots under various stages of development. Homes range from 2,200 to 4,200 square feet, with prices ranging from $900,000 to $2 million.
More information on the properties listed Thursday is at harborcustomhomes.com/communities/multi-family.
