Multi-million dollar apartment sale the latest recorded in this area of Tacoma
An apartment site that recently sold in South Tacoma is the latest local real-estate deal involving an LA-based investor and is the second multi-million dollar apartment sale recorded in that area by the same firm this fall.
Westview Terrace apartments, 2205 S. 74th St., west of the South 72nd Street exit off Interstate 5, was recorded sold Dec. 9 for $9.86 million.
The 47-unit, multi-building complex was sold by an LLC affiliated with Olympic Management in Fife. The buyer listed in county records was an LLC affiliated with investor Irwin Rappaport of Los Angeles.
Berkadia Seattle Investment Sales handled the transaction, led by senior director Chad Blenz, and it was the latest Pierce County deal to close in an active few months for the firm.
Berkadia in October announced the sale of another apartment site west of I-5 and just north of Westview Terrace. Olympic Sunset Apartments, 6634 Tacoma Mall Blvd.. sold for $6.87 million to an LLC affiliated with Archer Investment & Consulting/Archer Building Group of Redondo Beach, California.
This month, the firm announced completing the final sale of nearly 30 parcels in Lakewood, set to become multiple separate multifamily housing developments near the city’s transit center.
Meanwhile, Westview Terrace’s new owner is a retired Los Angeles entertainment attorney who now serves as board chair of the Foundation for the AIDS Monument in West Hollywood.
In response to questions this week, Rappaport told The News Tribune via email that he also owns a 79-unit building in Lakewood “and was happy to buy Westview Terrace, which is close by.”
Olympic Management will mange both properties, he added.
As to whether he planned any future acquisitions in the area, he wrote, “I’m probably set for now unless I decide at some point to sell the Lakewood property and exchange for another one in the area.”
This story was originally published December 12, 2024 at 5:20 AM.
