Two Pierce County apartment sites sold for more than $40M. Here are details
Two apartment sites in the Parkland area have sold for more than $40 million by a real estate entity that’s been selling off area property in recent months.
Pierce County property records show that Sienna Park Apartments, 10710 17th Ave. S., and Sienna Apartments, 10614 Ainsworth Ave. S., sold June 30 for $28.5 million and $14.5 million, respectively.
Sienna Park has 17 buildings and 168 units, and Sienna Apartments has 8 buildings and 80 units.
The sellers were LLCs affiliated with Seattle-based Goodman Real Estate. The buyer was The Lucent Apartment Homes LLC, affiliated with Interstate Equities based in Los Altos, California.
Both apartment properties were listed as The Lucent in a Google address search on Wednesday.
Interstate’s website notes it has been “investing in, managing, and transforming multifamily apartments across California and the Seattle region” since 1981.
It also states, “Our niche is finding dated multifamily apartment properties and transforming them into affordable, updated, boutique-style assets.”
Both sites date to mid-to-late 1980s, with updates made in 2004, according to county records. The apartments are north of state Route 512 and east of Interstate 5.
Interstate Equities did not respond to request for comment.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale’s closing on Wednesday.
“The properties are well-maintained assets that have had ample capital reinvested into them over the years,” said Ryan Harmon, IPA director. “The units feature a blend of renovated and classic finishes, creating a light value-add investment opportunity for the buyer.”
The communities share an on-site leasing office and clubhouse, outdoor pool, fitness center and standalone cabana available for resident lease, IPA said in its release.
Harmon and IPA’s Giovanni Napoli, Philip Assouad, Nick Ruggiero, and Anthony Palladino represented the seller and procured the buyer.
The Goodman-affiliated LLC acquired Sienna Park Apartments from Pierce County Housing Authority in 2003 for $7.12 million, and another Goodman-linked LLC purchased the Sienna Apartments in 2015 for $6.1 million from an investment group LLC.
Seattle Daily Journal of Commerce first reported on the most recent sale.
Meanwhile, Goodman Real Estate has been selling off various Parkland-area properties in recent months.
In February, The News Tribune reported on the sale of Altitude 104, 2201 104th St. S., for $40.75 million, also sold by an LLC affiliated with Goodman Real Estate, to two LLCs that appear to be affiliated with Oro Capital Advisors of Nevada.
In November, the firm sold off three other apartment properties purchased from Pierce County Housing Authority in 2003. Monterra Apartments, 416 111th St. Ct. E., Miramonte Apartments, 11216 18th Ave. S., and Heatherstone Apartments, 1809 105th St. Ct. S., sold to Bellevue-based American Capital Group for a total of $102.6 million.
