Home Finance 397-Unit Drake Apartments in Tacoma Sells for $29.88MM

397-Unit Drake Apartments in Tacoma Sells for $29.88MM

By Jack Stubbs

On Tuesday, August 7th, the Drake Apartments in Tacoma sold for $29.88 million, or approximately $75,264 per unit, according to public documents filed with Pierce County. The buyer was Tyler Stanek, associate vice president with Kidder Mathews’ Tacoma office. The seller was The Drake Apartments LLC based in Lakewood.

The transaction was approximately a 6 percent cap on actuals and $4 million in deferred maintenance. The buyer’s plan is to provide a warmer community environment by adding an outdoor recreation area and increased security to the property.

The three-story Drake Apartments, located at 9905 22nd Ave. Court S. in Tacoma, was built in 1991 and contains 397 units. The property offers a mix of one-, two- and three-bedroom units ranging from 1,000 to 1,380 square feet, according to the property listing on apartments.com The property includes a number of in-unit kitchen amenities and laundry facilities.

The property sits adjacent to Charlton Lake and is approximately seven miles south of downtown Tacoma. Additionally, the complex is about 3 miles east of Lakewood and one mile from access to the intersection of State Route 512 and I-5.

The Drake Apartments sits within less than several other apartment complexes including the Aero Apartments, the Terra Heights Apartments and the Aladdin-Camelot Apartments.