By Kate Snyder
A recent sale in Tacoma’s multifamily market shows that investors are still interested in the area. The Pine Street Townhomes traded hands for $17 million, or approximately $320,754 per unit, according to Pierce County public records. The seller is an entity that shares an address with Kaz Enterprises, Inc., and the buyer is an entity affiliated with Ethos Development LLC and Lombard Equities Group.
Located at 2901 S 45th St., the 53-unit Pine Street Townhomes were built in 2009, according to Apartments.com. The property’s website shows that apartment amenities include wood cabinets, attached two-car garages, hard surface flooring, carpeted bedrooms and tile countertops. Community features are a barbecue and picnic area as well as a pet play area.
Ethos Development is a real estate development and investment firm based in Portland, according to the company’s website. The firm is focused on multifamily assets including both ground-up development and value-add acquisitions. Ethos Development is part of the Ethos family of companies, which is a full-service real estate platform that offers services in development, asset management and commercial brokerage through its different brands.
Kaz Enterprises is a national real estate investment company that was founded in 2014 and is based in San Diego, according to the firm’s LinkedIn page. The company acquires and manages real estate assets nationwide with an emphasis on multifamily properties in the Pacific Northwest. Kaz Enterprises’ current portfolio includes 10 multifamily investment properties in Washington, primarily in the Seattle-Tacoma and Tri Cities markets, totaling more than 330 units, with an estimated value of more than $100 million. Since 2014, the firm has acquired 17 multifamily properties totaling more than 560 units and $86 million in acquisition costs, and has since sold seven of those properties.