A deal recorded on Friday is adding to a significant amount of recent sales activity in the Puget Sound’s multifamily market. Public records show that Clock Tower Village, a 188-unit apartment building in DuPont, sold for $52.3 million, or about $278,000 per unit. The property was purchased by San Francisco-based real estate investment firm Glencrest Group. The seller in the transaction was The Shidler Group, a real estate investment firm based in Honolulu.
The property is located at 1090 Ross Avenue and offers a mix of one-, two- and three-bedroom apartment units. Apartments.com also shows that units range in size from 675 to 1,597 square feet, while rental rates range from $1,868 to $3,231 per month.
The apartment complex also offers tenants a wide array of amenities, including a community park, a dog park, a swimming pool, spa, walking trails and more.
Situated between Olympia and Tacoma, the property is within close proximity to Interstate 5 and is also just a short commute to Dupont Station. Popular destinations – including McChord Air Force Base, Lakewood Towne Center, Eagles Pride Golf Course and DuPont Powderworks Park – are also a short distance from the property.
The new owner of the property, Glencrest Group, was founded in 2019 and now owns a handful of properties throughout Washington State. These include Lake Meridian Shores, a 56-unit apartment building in Kent; First Place & Devonwood, a 112-unit apartment building in Battle Ground; and the 216-unit Salish Flats in Airway Heights.