By Jack Stubbs
On Thursday, December 20th, the Deer Creek Apartment Homes in Puyallup sold for $48.5 million, or approximately $189,453 per unit, King County records show. The buyer was Goodman Real Estate, a multifamily and commercial real estate company based in Seattle. The seller was Lowe Enterprise Investors, a private real estate investment company based in Los Angeles.
The three-story Deer Creek Apartment homes, located at 6117 112th St. E, was built in 1999 and contains 256 units, according to the property listing on apartments.com. The asset offers a mix of one-, two- and three-bedroom units that range from 670 to 1,153 square feet, according to the web site for the property. Some of the community amenities at Deer Creek include a fully-equipped fitness studio, on-site property maintenance and management and a newly-renovated clubhouse, while the apartment units also feature gourmet kitchens and private patios.
Deer Creek is approximately five miles south of Puyallup via Washington State Route 512 and about fourteen miles south of Tacoma. The property is also just a few miles from access to Interstate-5 and about nine miles southwest of Sumner.
Founded in 1980, Goodman Real Estate maintains a diversified portfolio of quality commercial property investments across the U.S. and Canada, according to the company’s web site, and the company’s managed assets are valued at more than $2.5 billion. Some Goodman Real Estate’s other multifamily properties in Seattle include 80 Main, a 45-unit project on South Main Street; the 240-Unit Addison property; and the 142-unit Cadence Apartments. The company’s portfolio also includes properties in Lakewood, Puyallup and Tacoma, among other locations in the Puget Sound region.