By Jack Stubbs
On Friday, September 28th, Newport Beach, California-based CWS Capital Partners, a fully integrated real estate investment management company that focuses on the acquisition, development and repositioning of luxury apartments, made moves to expand its Puget Sound region portfolio. The company acquired six different properties—as part of two separate transactions—at the Point Ruston waterfront resort in Tacoma for a combined $101.3 million, Pierce County records show.
CWS acquired the 173-unit Copperline at Point Ruston Apartments for $62 million, or approximately $358,381 per unit, from Point Ruston Apartments LLC, an entity affiliated with JLW PR Management Inc. based in Bellevue in a transaction that recorded on October 1st. In a separate transaction, CWS acquired five separate properties from Century Condominiums LLC, an entity that shares the same address as MC Construction Consultants Inc., a design/build contractor and developer based in Olympia.
CWS Capital Partners did not respond to requests for comment about the transactions in time for the publishing of this story.
The 173-unit Copperline at Point Ruston Apartments, located at 5005 Main St. on Tacoma’s waterfront, offers a mix of one-, two- and three-bedroom units that range between 160 and 782 square feet, according to the web site for the property. The apartment property offers over 13 different floor plans and also includes a business center, clubhouse and multipurpose room, according to the property listing on apartments.com.
Along with the Copperline at Point Ruston Apartments, the transaction also included five other properties located at 5051 and 5061 Main St. and 5105, 5111, 5115 along Grand Loop. According to public documents, the assets include a 6-story luxury apartment high-rise building constructed in 2015; a 2,227 square foot commercial building also built in 2015 and home to a restaurant; another 3,300 square foot commercial/restaurant building; a 8,686 square foot retail building constructed in 2015; and another 8,890 square foot restaurant building.
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.
CWS Capital Partners has a considerable presence in Texas in the cities of Austin, Dallas/Ft. Worth, Houston and San Antonio, and also operates in Denver, Seattle and Phoenix, among other locations across the country, according to the company’s web site. The company seeks investment opportunities with the primary objective of strong growth potential and maintaining capital, and manages its properties through CWS Apartment Homes.
CWS Capital Partners Puget Sound region portfolio includes three properties comprising 388 units. These include the 107-unit Lenora Apartments in Seattle—which the company acquired for $40.4 million in June 2015—and the 120-unit Anthem on 12th Apartments, which the company purchased from Spectrum Development Solutions for just over $35 million in September 2016.
