By Meghan Hall
A recent apartment sale in Dupont, Wash., shows that investors are still closing deals across the Puget Sound, even in suburban markets. In a transaction that closed on September 18th, San Diego, Calif.-based Sunroad Enterprises sold off the Clock Tower Village Apartments. The complex traded for $59.975 million, or about $319,000 per unit, according to public documents. The buyer was Terra Funding Clock Tower LLC, affiliated with the Terra Funding Trust, a specialized investment entity within The Shidler Group.
Sunroad originally acquired the asset in 2018 for $46.06 million, or $245,000 per unit. The complex is located at 1090 Ross Ave. and includes 188 units. The buildings were originally built in two phases, in 1997 and 2005, respectively, and include a mix of one-, two- and three-bedroom apartments spread across 33 buildings. The units range from 675 to 1,597 square feet in size. According to Clock Tower Village’s website, individual units are equipped with stainless steel appliances, patios or balconies, vaulted ceilings, wood flooring and gas fireplaces.
Community amenities are also extensive. A local park, barbecue and picnic area, dog park are all part of the property’s offerings. Other amenities include a clubhouse, 24-hour fitness center, pool and hot tub and WIFI café.
The property is centrally located within the master-planned community of Northwest Landing, close to the Northwest Landing Town Center, home to services, restaurants and eateries. The asset is also less than ten miles away from Joint Base Lewis McChord, the largest military base on the west coast with over 50,000 military and civilian employees.
Sunroad Enterprises was established in 1997, and the company focuses on identifying and developing projects, according to its website.
The Terra Funding Trust and The Shidler Group are based in Hawaii. Terra Funding specializes and invests in loans on Leased Fee interests, parcels of land underlying multi-tenant commercial buildings, which are subject to long-term ground leases. Through its affiliates, The Shidler Group has made debt and/or equity investments in over 2,000 properties located across the United States. Over the past year, The Shidler Group has been working to build a platform designed to invest specifically in multifamily communities with a focus on cost-burdened markets that have a shortage of affordable units. As part of the initiative, the land underlying the communities are placed in trusts that benefit social and educational organizations.