Home Finance 106-Unit Heights Apartments in Puyallup Sells for $19.5MM

106-Unit Heights Apartments in Puyallup Sells for $19.5MM

Seattle, Tyroda LLC, Heights Investors LLC, Heights Apartments, Puyallup, Tacoma, Petramolo Investments LLC, Pierce County
Image courtesy of www.theheightsapartments.com

By Jack Stubbs

An apartment property in Pierce County yesterday changed hands.

On Monday, April 30th, The Heights Apartments in Puyallup sold for $19.5 million, or approximately $183,962 per unit, according to public documents. The buyer was Tyroda LLC and Petramolo Investments LLC, entities affiliated with individual investors based in Tacoma. The seller was Heights Investors LLC, an entity affiliated with Hans G Lindstrom based in Puyallup. The transaction was recorded on May 1st.

The three-story Heights Apartments, located at 102 23rd Ave. SW. in Puyallup, was built in 2003 and contains 106 units, according to the property listing on apartments.com. The property offers a mix of one-, two- and three-bedroom units, according to the web site for the property. The one-bedroom units range from 788 to 840 square feet and rent for between $1,130 and $1,225. The two-bedroom units range from 960 to 1,089 square feet and rent for between $1,255 and $1,435, while the largest units range from 1,300 to 1,348 square feet and rent for between $1,590 and $1,658.

Some of the prominent in-unit amenities include vaulted ceilings, open floor plans, stainless steel appliances, walk-in closets and covered patio/balcony. Some of the community amenities include clubhouse with fireside lounge, conference center, fitness room and a golf course that sits in close proximity. The property also offers views of the Olympic Mountains and Puyallup Valley as well as close proximity to the Puyallup Sounder Commuter Train.

The property is approximately one mile south of downtown Puyallup and roughly four miles to the southwest of Sumner. Additionally, the asset is about ten miles southeast of Tacoma and also sits roughly two miles from access to Washington State Route 167 and less than half a mile from Washington State Route 512. The asset also sits within half a mile of several other apartment communities in Puyallup. Some of these include the 181-unit Meridian West Apartments; the 230-unit Hamptons Apartments; and the Terrace on Meridian Apartments, which contains 192 units.

There have been several other apartment and related sales in Puyallup over the last few months. On September 22nd, 2017, San Diego-based Susan Lew and Associates acquired the 162-unit Aspen Creek Apartments from Starwood Capital for $30 million. On November 21st 2017, PGIM Real Estate purchased a roughly 36-acre mobile home park from Harvestgate LLC for $22 million. More recently, on January 31st 2018, the 154-unit Willow Springs Apartments sold for $33.8 million, with Bellevue-based individual Gordan Tang acquiring the property from Puyallup-based Zanner LLC.