For just a few million dollars, this Tacoma apartment development could be yours
A Tacoma apartment site that has been in the works for permits is for sale.
Avenir Apartments, 3718 Pacific Ave., is on the market with an asking price of $3.2 million.
Ryan Kidwell is senior vice president of The Mogharebi Group, a multifamily investment advisory firm, and is the Avenir property’s listing advisor.
The property hit the market amid its permitting process with the city.
Kidwell told The News Tribune via email in response to questions, “The seller has traditionally been a single-family home builder and decided this larger project was outside their scope, which is why they are selling.”
He added, “There has been strong interest in the site. Building permit issuance is anticipated this quarter.”
Avenir first came on the radar in September 2022 in a News Tribune roundup of Tacoma apartment developments in the works.
A representative for IHB Architects in Kent said at the time the project was set to file a building-permit application in the coming months.
The 2022 roundup list included Tacoma Trax, which in November was sold in a foreclosure auction along with Madison Plaza in Kent to the projects’ lender.
While the same architecture firm was tied to both Trax and Avenir, Avenir is under different ownership, Skyline Investment Properties of Auburn.
Skyline also owns the site for the proposed Maple Square project, 4014 Pacific Ave., which calls for 10 townhomes as part of the residential infill pilot program. No permit application submission for that site has occurred since late November 2022.
Avenir’s plans submitted to the city call for a “98-unit market rate apartment building, including 2 levels of parking, 5 levels of wood construction, with indoor and open air amenity spaces.”
According to the submittal, “The project will include 38 parking stalls with access from the rear alley, a rooftop common space, door run, bicycle storage & repair facility as well as large gathering room and outdoor bbq. Additionally site work will include restoration of adjacent retaining walls, hardscapes, and street frontage improvements.”
A promotional video posted by Kidwell shows a rooftop lounge area with a firepit and view of Mount Rainier.
Maria Lee, media representative for the city, told The News Tribune via email in response to questions that pre-applications from the most recent development team date back as far as 2020.
“At that time it was identified that the initial design showed multiple items encroaching within the right-of-way and we requested a redesign prior to formal permit review,” she wrote.
Eventually, issues were resolved “over the course of December and January with most permits being routed for review early February 2023,” she added, with the environmental land use (SEPA) review approved May 2023.
Permits in process “are being reviewed on varying timelines so it’s difficult to provide a general overview of their timelines, however all of the primary development permits are currently In review,” she noted.
The site is within a Qualified Opportunity Zone and qualifies for multifamily property tax exemption, both available for additional development incentives via tax breaks, according to its listing.
The site’s marketing for sale was first reported by the Seattle Daily Journal of Commerce.
