Pierce County apartment site sells for $13.7M in project’s first phase
The developer of new apartment housing next to Lakewood Towne Center recently acquired nearly 10 acres for the site development.
An LLC affiliated with Seattle-based Alliance Residential purchased 9.69 acres with primary address at 5731 Main St. SW from an LLC affiliated with Lakewood Towne Center owner Kite Realty Group of Indianapolis.
Terms of the sale were not disclosed in a release from Kidder Mathews. According to the Pierce County sales record recorded Sept. 12, Alliance purchased the land for a gross sales price of $13.7 million.
The sale was brokered by Ross Klinger and Austin Kelley of Kidder Mathews, who represented the seller and led the marketing process, according to a release issued Monday about the sale.
“In a market where most multifamily projects are stalled or shelved due to high interest rates and construction costs, our client was able to secure a full-price exit to a top-tier developer,” Klinger, executive vice president at Kidder Mathews, said in a statement.
Alliance’s proposal for the property, which contained a parking lot and the Barnes & Noble Booksellers building, were first reported last year. The plans eventually led to the relocation of the bookstore to another space at Lakewood Towne Center, and it reopened at the new location in May.
“Having been born in raised in Lakewood, it’s exciting to see this underutilized property reach its full potential and bring much needed housing to the local market,” Kelley, senior vice president at Kidder Mathews, said in a statement.
The developer’s master planned development permit was approved earlier this year by Lakewood pro tem hearing examiner Stephanie Marshall. The development is located on a 34.11-acre site at Lakewood Towne Center, and was approved for 309 apartments spread across multiple buildings, open space with community amenities such as a pool, playground and clubhouse, and 473 parking spaces, including ADA-accessible and EV charging stations.
The apartment project received approval from Lakewood City Council in July 2025 for a 12-year multifamily property tax exemption with a minimum of 62 rent-restricted units. The exemption does not include the value of land or non-housing-related improvements.
The site’s value after completion is estimated at $69 million, with a tentative construction completion date in 2027, according to the MFTE filing.
Monday’s release said the site is planned for 285 units, and a follow-up response from a Kidder Mathews representative indicated that was the total project with no further phases.
Jeremiah Jolicoeur, managing director for Alliance’s Pacific Northwest office, told The News Tribune on Tuesday in response to questions via email that “We are entitled for 311 apartments, but we plan to phase the development. Initial phase is 285 apartments and the remaining apartments will be added in a second phase at a later time that is TBD.”
Becky Newton is economic development manager with the City of Lakewood. She told The News Tribune in response to questions, “The Alliance Northwest project in Lakewood Towne Center is still at 309 units. ... They are proceeding with 285 units and plan to building the remaining 24 at a later date.”
She added, “34.11 acres is the total acreage for two parcels owned by KITE/KRG. Alliance purchased 9.69 acres of the total.”
Story has been updated Sept. 16 with statement from Alliance Residential.
This story was originally published September 16, 2025 at 5:00 AM.
