Home Finance Equus Capital Partners Ltd. Pays $45.8MM for 150-Unit Apartment Building in Puyallup

Equus Capital Partners Ltd. Pays $45.8MM for 150-Unit Apartment Building in Puyallup

Puyallup, Pierce County, Equus Capital Partners Ltd., Hamilton Zanze Real Estate Investments, Brookstone at Edgewater Townhomes, The Calida Group

By Catherine Sweeney 

Another multifamily property in Puyallup has traded hands. According to Pierce County public records, the 150-unit Sierra Sun Apartments sold for $45.8 million, or approximately $305,333 per unit. 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 Sierra Sun Apartments are located at 12415 172nd St. E, Puyallup 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, according to Apartments.com.

The property also offers several tenant amenities, including a pet play area, a clubhouse, fitness center, spa, pool, playground and courtyard, among others. 

The property is largely surrounded by other residential developments, including Madronas by Richmond American Homes, The Madronas at Sunrise, Lennar’s The Crossings at Sunrise and several others.

Founded in 2001, Hamilton Zanze is a San Francisco-based real estate investment company that owns and operates apartment communities throughout the Western, Southwestern and Eastern United States. The company’s current portfolio consists of 132 properties with 22,821 units across 17 states and 30 markets.

The property’s new owner, Equus Capital Partners, Ltd. is a real estate investment manager with a more than 40-year history. According to the firm’s LinkedIn page, Equus Capital Partners has sponsored a series of 13 closed-end value-add funds, raising more than $3.7 billion of equity capital and acquired and repositioned approximately 40 million square feet of commercial space and more than 43,000 multifamily units.

Over the past year, several other residential properties have traded hands in Puyallup. 

Earlier this year, the 147-unit Brookstone at Edgewater Townhomes was sold for $54 million, or approximately $367,346 per unit. According to The Registry’s previous reporting, the transaction appeared to have been an equity deal as both buying and selling entities are affiliated with Security Properties. The property is located at 7513 177th Street Ct. E.

Additionally, last April, Las Vegas-based The Calida Group acquired a 140-unit apartment complex  at 5402 141st St. E for $50.2 million, or about $358,646 per unit. The seller was an entity associated with Woodworth-Berg Apartment Development LLC.