Home Finance BlackRock Buys 130-Unit Apartment Building for $24.2MM

BlackRock Buys 130-Unit Apartment Building for $24.2MM

BlackRock, Tacoma, Tanara Villa Apartments, Pierce County, Point Defiance, Goodman Real Estate, Coventry Court IV Apartments, Affinity Real Estate

By Catherine Sweeney

Over the past several months, Tacoma has seen a significant number of multifamily transactions. Most recently, a 130-unit apartment building in the northwest portion of the city was purchased by BlackRock for $24.2 million, or about $186,154 per square foot. The property was sold by an entity affiliated with Yuksel Inc. and Maimaiti Keremujiang of Kent, according to public records filed with Pierce County.

The apartment building, also known as Tanara Villa Apartments, is located at 6322 N. 26th Street. Built in 1969, the two-story building is intended for those 55 years and older.

The property offers a mix of unit types, with rents ranging from $1,125 to $1,325 per month. The senior apartment community also has a variety of tenant amenities, including community gathering places, a dog park and walking areas.

A number of retail amenities – including Safeway and Rite Aid – are also within close proximity of the property. In addition, the property is a short drive from Point Defiance Park and Beach.

Overall, Tacoma has seen numerous multifamily properties trade hands during the last several quarters. According to previous reporting from The Registry, In one such sale that was recorded on Aug. 3, a 111-unit apartment building in Tacoma was purchased by an entity affiliated with Tacoma Apts. LLC for $46.2 million, or about $416,216 per unit. The property is located 3118 6th Avenue and was sold by Tacoma-based Affinity Real Estate Management.

Prior to that, in June, Goodman Real Estate sold Coventry Court IV Apartments, a 100-unit apartment building. The building is located at 908 76th Street Court East and sold for $21.15 million, or about $211,500 per square foot.