By Jack Stubbs
On Thursday, February 7th, the Scenic Pines Apartments in Tacoma, Washington—a city on the banks of the Puget Sound roughly thirty miles south of Seattle—sold for $10.65 million, Pierce County records show. The buyer was VBT Scenic Pines LLC, an entity based in Tacoma. The seller was Westlake Housing LP, a nationwide owner and operator of multifamily apartment communities based in Austin, Texas.
The two-story Scenic Pines Apartments, located at 5701 South Orchard St. at the corner of S. 56th St. and Orchard St. W. in South Tacoma, contains 176 units and was built in 1990, according to the property listing on apartments.com. The property offers a mix of one-, two- and three-bedroom units that range from 676 to 1,073 square feet, according to its web site. Some of the interior amenities on offer include in-unit washer/dryer, wood-burning fireplace, spacious patio and balcony and fully-equipped kitchens.
Additionally, residents have access to an outdoor seasonal pool, spa/sauna, fitness center and on-site parking. “Our mission is to provide high-quality, affordable housing for our residents. At Scenic Pines, you will find that quality is not compromised by affordability,” the web site states.
Conveniently located West of I-5, the property is just a few blocks from the Meadow Park Golf Course and is also across 56th St. W. from various shopping, dining and entertainment options.
Westlake Housing, LP, an affiliate of The Wentwood Companies, offers a full range of asset management, property management, acquisition, receivership and consulting services, according to the company’s web site. Westlake Housing specializes in repositioning underperforming IRC Section 42, Low Income Housing Tax Credit (LIHTC) properties utilizing proactive and aggressive asset and property management strategies.
Today, Westlake Housing is a leader in the affordable housing industry and owns, and or manages, over 4,475 units across 34 properties located in Washington, California, Colorado and Texas, among other locations. Scenic Pines is the company’s only property in Washington, according to the company’s web site.
Tacoma has not seen too many multifamily property sales over the last few months, but one posted in late 2018 was particularly eye-catching. In mid-September, Newport Beach, California-based CWS Capital Partners acquired six different properties at the Point Ruston waterfront resort in Tacoma for a combined $101.3 million. As one of the properties that traded hands, CWS acquired the 173-unit Copperline at Point Ruston Apartments—located at 5005 Main St.—for $62 million, or approximately $358,381 per unit, from Point Ruston Apartments LLC based in Bellevue.
Along with the Copperline at Point Ruston Apartments, the transaction also included five other commercial and multifamily properties located at 5051 and 5061 Main St. and 5105, 5111, 5115 along Grand Loop.The properties are all part of the Point Ruston Recreation Center in Tacoma. Point Ruston is a waterfront resort-inspired village that provides panoramic views of the South Puget Sound, the Olympic Mountains and Mount Rainier, according to the web site for the complex, which offers one of the premier living, dining, shopping and recreation experiences in the Pacific Northwest.
In November 2018, Mayer Built Homes Inc. acquired the 31-unit Walker Apartments in Tacoma, located at 405 Sixth Ave. just south of the Stadium District, for $11 million, or roughly $354,838 per unit, from Ethos Property Group LLC.