Real Estate News

Apartment complex near Wright Park sells for more than $46M

It’s definitely still the buying season for apartments in Tacoma.

The Metropolitan Apartments at South Fourth Street and St. Helens Avenue is the latest building to change hands, this time at a cost of $46.5 million.

The deal closed Oct. 23. News of the sale was first reported Monday in The Registry Puget Sound Real Estate website.

The buyer is listed as Monte Bello Ridge, LLC, led by Eduardo Cerna of the Cerna Group in California, part of Marcus & Millichap.

The Metropolitan sold in two parcels at 233 and 245 St. Helens Ave. The sellers on the separate parcels were listed as Gibson 233 LLC, led by John Gibson, and Donna Nelson, trustee of the Donald and Anne Kress Living Trust of Tacoma, according to documents recorded with Pierce County.

In 2002, The News Tribune profiled Metropolitan’s development and its developers, which included Don Kress and Gibson.

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At that time the developers said they were seeing “pent-up demand” for apartments in an era where, as the article noted, downtown was starting to try to “prove itself as a residential market.”

The Metropolitan opened its first phase of 87 units that year as new construction, built on the former site of the Temple Baptist Church.

At that time, one-bedrooms ranged from $740 to $1,450. Two-bedrooms ran $1,060 to $1,245 and the penthouses with lofts were $1,615 to $2,515.

It eventually grew in different phases, and October’s sale included 166 units total.

Metropolitan’s rents now listed at range from one-bedrooms at $1,125-$1,750 and two-bedrooms ranging from $1,569-$2,700.

Amenities listed on its website include limo and concierge service, onsite massage therapist and more.

The Metropolitan’s sale follows other recent big-ticket Tacoma apartment sales recorded in September, including the Orion Apartments, also on St. Helens Avenue, which sold for $30.24 million, and the Vista del Ray Apartments, 319 N. Tacoma Ave., for $25.7 million.