By Kate Snyder
A newly constructed residential building in Tacoma traded hands recently, showing that outside Seattle, the Puget Sound’s multifamily market is still attracting investors. Caesar’s Luxury Apartments was sold for $35.4 million, or approximately $270,229 per unit, according to Pierce County public records. The seller was an entity affiliated with Barcelo Homes.
Nick Ruggiero, Ryan Harmon, Philip Assouad and Giovanni Napoli of Institutional Property Advisors brokered the sale. Kathryn Dobler of Tacoma-based Dobler Management brought in the buyer, RGPD LLC.
“Built by Barcelo Homes in 2023, the property is a boutique, transit-oriented apartment asset located within walking distance of Tacoma’s future Link Light Rail expansion,” Ruggiero said.
The 131-unit building is located at 308 Tacoma Ave. S and consists of a seven-story structure near the city’s Stadium District. According to the property’s website, the complex offers a mix of studio, one- and two-bedroom units. Amenities include a gym, commercial kitchen, private conference room, reservable office space for tenants and a bike room. Other features are a rooftop deck with a barbecue and jacuzzi, a theater room, party room and game room, a business center and a dog walk and wash station.
“Caesars appeals to an affluent renter profile and benefits from a surrounding population of 220,000 with a median age of 32 and an average annual household income of $96,000,” Assouad said.
Barcelo Homes is a home builder based in Seattle, according to the company’s website. The firm focuses on single-family residences, apartments and condominiums located in the Seattle area. The firm was the developer of the newly sold Caesar’s Luxury Apartments.
“Barcelo Homes works with award-winning architects to design and engineer highly efficient, sustainable homes using the latest in building technologies, components and design,” the firm’s website states. “Our homes offer functional open floor plans, creating stylish living spaces with high-end finish details, and construct many of them to standards established by the Master Builder’s Association’s BuiltGREEN, five star certification.”
Tacoma has seen several recent sales within the city’s multifamily market.
Earlier this month, The Pine Street Townhomes traded hands for $17 million, or approximately $320,754 per unit, according to The Registry’s previous reporting. The seller was an entity that shares an address with Kaz Enterprises, Inc., and the buyer was an entity affiliated with Ethos Development LLC and Lombard Equities Group. The 53-unit complex is located at 2901 S 45th St.
Last year, the Low Income Housing Institute paid $22.5 million, or about $274,390 per unit, for The Heron apartment building in Tacoma. The property was sold by Emerald Bay Apartments LLC, an entity linked to Deer Harbor, Wash.-based Chris Robison. The Heron is located at 1624 E 32nd St. and offers 82 studio and one-bedroom apartment units.