By Kate Snyder
An apartment complex in Puyallup traded hands recently in a deal that shows the Puget Sound region’s multifamily properties continue to attract investors. Ascend Rainier Ridge, a housing complex offering apartments, casitas and duplexes, was purchased for $94 million, or approximately $298,412 per unit, according to Pierce County public records. The buyer was an entity affiliated with Rainier Ridge Owner LLC, based in San Francisco. The seller was an entity affiliated with DHI Communities, a wholly owned subsidiary of D.R. Horton, a homebuilder based in Texas.
Located at 10423 & 10425 Rainier Ridge Blvd. E, the 315-unit apartment complex is positioned on a site that spans approximately 12 acres, county records show. The property is situated directly south of Puyallup, in South Hill, close to the edge of Mt. Rainier National Park.
Ascend Rainier Ridge offers one, two and three-bedroom floor plans, according to the property’s website. Community features include EV charging stations, two dog parks, a heated pool and cabana lounge, an on-site coffee bar and a fully-equipped fitness center. Among the apartment amenities are luxury fixtures and finishes, quartz countertops and tile surrounds, stainless steel appliances and spacious living spaces.
Founded in 2015, DHI Communities is headquartered in Arlington, Texas. The subsidiary of D.R. Horton builds in 12 states, according to the company’s LinkedIn. D.R. Horton has been in operation since 1978 and in that time, the firm has delivered more than 965,000 homes throughout the nation. The company operates in 33 states and 109 markets. The firm has a number of homes throughout the greater Seattle area.
Puyallup has seen other sales transactions involving multifamily properties recently.
Earlier this year, the 150-unit Sierra Sun Apartments sold for $45.8 million, or approximately $305,333 per unit, according to The Registry’s previous reporting. The property was sold to an entity linked to Equus Capital Partners, and the seller was two entities that share an address with Hamilton Zanze Real Estate Investments. The complex is located at 12415 172nd St. E and was constructed in 2016. The building offers a mix of layouts, including one-, two- and three-bedroom units, ranging from 795 to 1,411 square feet.