By Jack Stubbs
On September 18th, the Summit Apartments in Tacoma sold for $26 million, or about $236,363 per unit, Pierce County records show. The buyer was Woodspear 5100 Summit LLC, an entity based in Greenwood Village, CO, and the seller was Summit Terrace Apartments LLC based in Fife, Washington.
The property, also known as the 5100 Summit Off Canyon Apartments, located at 5001 – 5124 110th St. E in Tacoma, comprises 110 units across several buildings, according to public documents. The complex offers a mix of one- and two-bedroom units that range from 712 to 1,053 square feet and rent for between $1,230 and $1,550, according to the property’s web site. Some of the community amenities available to residents include a state-of-the-art health and fitness center and community patio with BBQ area.
Summit Apartments’s location, approximately fifteen miles south of Tacoma and five miles west of Puyallup via State Route-512, is one of its primary features. “Our community is strategically located between South Hill and Parkland, and we provide quick access to Highway 512,” the web site states.
“Major employers including Boeing Frederickson are close to home so you don’t have to stress about a long commute. City-goers and explorers can also take advantage of our proximity to downtown Tacoma or Puyallup.”
The sale of the Summit Apartments comes a couple of weeks after another apartment property in Tacoma traded hands. In early September, Bellevue-based Curtis Capital Group spent $30.24 million, or roughly $179,762 per unit, to acquire the 168-unit Orion Apartments—located at 29 St. Helens Ave. in Tacoma’s Stadium District—Investors Management Group Inc. (“IMG”) based in Woodland Hills, California.
Slightly further afield from Tacoma, in late August, the 83-unit Bayview Apartments in Federal Way sold for $15.6 million, or about $187,951 per unit, with Kirkland, WA-based Weidner Apartment Homes purchasing the property from Redwood City, CA-based Bayview Associates LLC.