Just several years after it last sold, a 124-unit apartment building in Fife is once again trading hands. The apartment building, referred to as Pointe East Apartments, was purchased by an entity affiliated with 11 Capital for $31.8 million, or about $256,451 per unit. The seller in the transaction was Truckee, Calif.-based OpenPath Investments, according to property records filed with Pierce County.
Located at 2524 62nd Avenue E., the two-story apartment building offers a mix of one- and two-bedroom unit types ranging in size from 693 to 973 square feet. Rental rates at the property also range from $1,515 square feet to $1,825 square feet.
The property also offers various onsite amenities, including laundry facilities, a fitness center, playground and picnic area.
Pointe East Apartments is situated in central Fife, just southeast of downtown Tacoma. While primarily a residential area, various apartment buildings neighbor the site, such as Sherwood Park Apartments, Revive Apartments, The Park Apartments and several others.
The property was last sold in 2018 to OpenPath Investments for $21 million, or about $169,355 per unit, previous reporting from The Registry shows. Prior to that, the apartment complex was owned by San Francisco-based Hamilton Zanze Real Estate Investments.
The most recent buyer of the property, 11 Capital, is a real estate investment company with a focus on multifamily and storage assets throughout the Western United States. According to the company’s website, 11 Capital has made over 100 real estate transactions since it was formed, with a strong focus on deals in the $5 million to $40 million range in states like Washington, Idaho, Montana, Oregon, California, Colorado, Utah and Arizona.