Two Tacoma apartment sites add up to more than $100 million in separate sales
Two recent apartment sales once again spotlight the rising price tags commanded by Tacoma sites.
▪ Grand Pacific Apartments, 7015 S. D St., an $11 million construction project that launched in 2019, replacing the historic Pacific Lanes Bowling center, sold Nov. 12 for $33.5 million to Grand Pacific Apartments LLC of Tacoma, led by Paul Lin. The seller was Grand Pacific LLC of Tacoma, led by Kenneth Rody.
Before the redevelopment, Pacific Lanes had operated for some 60 years.
Rody purchased the bowling center for demolition and redevelopment for $2.5 million, according to county sales records, from William Hamilton, who’d owned and operated Pacific Lanes since 1992.
The site consists of 134 one- and two-bedroom units, a mix of market rate and affordable apartments. It qualified for a 12-year Multifamily Property Tax Exemption in 2019.
Redevelopment of the site was contentious, with neighbors and the developer at odds over traffic, air quality and noise issues regarding both the bowling center demolition and apartment construction.
Ultimately, construction was completed and the apartments opened earlier this year, with rents starting at $1,210 for a one-bedroom apartment and $1,475 for a two-bedroom apartment, according to its Facebook page.
▪ The Avery on Pearl, 1202 N. Pearl St., Tacoma, sold Oct. 25 for $98 million to LA-based investment firm TruAmerica Multifamily. The seller was San Diego-based CA Pearl Street Owner LLC.
The three-story complex built in 1989 has 330 units of one to three bedrooms, with rents ranging from $1,440 to $2,330, according to apartmentfinder.com
According to the Pierce County Assessor-Treasurer portal, the assessed value of the site is $43.8 million.
The property last sold in 2015 for $30.5 million, according to county sales records.
According to TruAmerica’s website, the investment company plans to renovate all units “to a consistent, premium finish level, creating a high-end feel for future residents.”
It stated: “TruAmerica also plans to make targeted improvements to exteriors and amenity spaces. Amenity improvements will include clubhouse renovations, landscaping, playground renovation, outdoor pool deck expansion, indoor pool area renovation, repurpose of the sport court into pickleball and dog park, pool furnishings, signage, exterior paint, BBQs, exterior lighting, and fitness center upgrades. These renovations will improve the current resident lifestyle and boost the curb appeal of the property.”
The purchase was TruAmerica’s 19th in the Seattle metropolitan statistical area and 26th purchase of 2021.
The company previously owned The Townhomes at Mountain View in Puyallup, purchased in 2019, and recently sold the townhomes to Los Angeles-based Oaktree Capital Management LLC.
This story was originally published November 18, 2021 at 5:00 AM.
