By Jack Stubbs
The Stadium District in Tacoma, a historic neighborhood and focal point of the city just north of the downtown core, is an up-and-coming area increasingly seen as a desirable place to locate for residents and businesses alike—and the recent sale of an apartment property demonstrates a continuation of this trend.
On September 18th, the Vista Del Ray Apartments sold for $25.7 million, or about $197,692 per unit, Pierce County records show. The buyer as VDR Investment Homes LLC based in Tacoma, and the seller was Twin Spits LLC, an entity affiliated with Susanna and James Lane based in Seattle.
The 17-story Vista Del Ray Apartments, a high-rise property located at 319 N Tacoma Ave. and 506 N Fourth St., was built in 1950 and contains 130 units across five adjacent parcels, according to public documents. Vista Del Ray includes a variety of community amenities like a 24-hour fitness center, elevators, on-site maintenance and management, and panoramic views of the nearby Puget Sound, Mt. Rainier and the Olympic Mountains according to the property’s web site.
The property’s location in the Stadium District—just north of the WW Seymour Botanical Conservatory and blocks from the MultiCare Tacoma General Hospital—is one of its main draws. “Nestled in the historic Stadium District on the north end of Tacoma, our apartments offer you everything you need and more. From Vista del Rey, you’ll enjoy views of the nearby town of Ruston, which is home to fantastic shopping, cafés, and nightlife. We also make commuting to work simple: Vista del Rey is strategically located between North Tacoma Avenue and North Schuster Parkway.”
The property is also roughly four miles from Point Ruston, a mixed-use waterfront resort that offers a variety of retail and recreational opportunities for community residents.
The sale of Vista del Ray comes during a period when several multifamily properties in Tacoma have changed hands. Also on September 18th, the 5100 Summit Off Canyon Apartments located at 5001 – 5124 110th St. E. sold for $26 million, or about $236,363 per unit, with Woodspear 5100 Summit LLC acquiring the property from Summit Terrace Apartments LLC.
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—also located in the Stadium District at 29 St. Helens Ave. from California-based Investors Management Group Inc. (“IMG”).