(EDITOR’S NOTE: According to public documents filed with Pierce County, the transaction closed on February 1st, 2022. The seller was an entity associated with Steve Fischer and Tyler Smith. Both are principals and brokers with Seattle-based Westlake Associates. They had acquired the property in April of 2018 for $2.4 million. The property had been on the market with the asking price of $5,995,000 with in-place cap rate of 5.11 percent and a market cap rate of 5.68% on current asking rent, according to the offering details. The buyer was an entity associated with Daniel Anderson of Seattle.)
SEATTLE, Wash. – January 31, 2022 – Colliers has successfully facilitated the acquisition of Hudson Court, a 30-unit apartment building in Tacoma, Washington. Led by multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper, Colliers represented the buyer in the transaction, which closed today for $6,075,000 ($202,500 per unit).
Hudson Court has recently undergone a full interior and exterior renovation and features updated landscaping, fencing and parking. The property also offers opportunity to further increase value through additional amenity upgrades.
“Hudson Court was a great acquisition for our client, who came to us for help with the upleg of a 1031 exchange,” said McKay. “We were able to help them double their cashflow through the transaction process. Plus, the property’s full renovation and location in an up and coming submarket position it well for long term growth.”
Located at 14117 C Street in Tacoma, Hudson Court is situated in one of Tacoma’s most rapidly growing communities. The property is just a few blocks from Pacific Lutheran University, and within 6 miles of major employers at Joint Base Lewis McChord and Boeing Frederickson. Residents enjoy good proximity to shopping, entertainment and services in downtown Tacoma, while also being less than an hour away from both Olympia and Seattle. The area is also served by a Sound Transit station that provides train access to Seattle and its northern suburbs.
Colliers is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.