Fife, Tacoma apartment sites sell for a total of nearly $56M in two separate transactions
Story has been updated with additional details on Tanara Villa sale.
Two recent apartment sales show the area’s multifamily properties are still drawing top dollar from investors.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, on Monday announced the sale of the 124-unit Pointe East Apartment Homes, 2524 62nd Ave. E., in Fife.
The apartments, built in 1986, sold for $31.75 million to Pointe East Fife 124 LLC, representing 11 Capital, a real estate investment company that focuses on “multifamily properties, affordable housing, student housing, and storage assets in the Western US,” according to its website.
The seller is OpenPath Investments LLC of Truckee, California. OpenPath purchased the site in 2018 for $21 million, county records show.
The complex was built in 1986 on more than six acres. It features a fitness center, courtyard with barbecue areas, and playground, according to the release. It’s also within walking distance of a new future Sound Transit light rail station.
“The unit mix includes 37 one-bedroom units and 87 two-bedroom apartments,” according to the release, and average unit size is 889 square feet.
Rents range from $1,515 to $1,825, according to online listings.
Philip Assouad, IPA executive director, along with Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero represented the seller and procured the buyer, the release notes.
In a separate transaction, Tanara Villa, 6322 N. 26th St. in Tacoma’s West End, recently sold for more than $24.1 million to Tanara Management LLC, with an Oklahoma address, state filings show.
The seller was Yuksel Inc. of Kent.
The 130-unit two-story site, built in 1969, is advertised as an age-restricted 55+ community, with rents ranging from $1,125 to $1,325, according to listings online.
The sale was first reported Monday by the Seattle Daily Journal of Commerce.
On Thursday, Marcus & Millichap issued a news release about the sale, with more details.
“On the market for the first time in 42 years, Tanara Villa is a significant value-add asset,” said Kellan Moll, first vice president investments in Marcus & Millichap’s Seattle office. “While prior ownership operated the property as a 55-plus seniors housing asset, our buyer can convert Tanara Villa to a market-rate property with no age restrictions. We generated 12 offers and exceeded our client’s financial goals.”
Moll and Scott Morasch marketed the property on behalf of the seller and procured the buyer, according to the release.
This story was originally published September 13, 2022 at 5:00 AM.
