Home Finance In Two-Part Transaction, 166-Unit Metropolitan Apartments in Tacoma Sells for Combined $46.5MM

In Two-Part Transaction, 166-Unit Metropolitan Apartments in Tacoma Sells for Combined $46.5MM

Seattle, Metropolitan Apartments, Cerna Group, Marcus & Millichap, Monte Bello Ridge LLC, Gibson 233 LLC, Stadium District
Image courtesy of themetropolitantacoma.com.

By Jack Stubbs

On October 23rd, as part of two transactions that were recently recorded, the Metropolitan Apartments—a two-building, 166-unit complex—sold for $46.5 million, or around $280,120 per unit, Pierce County records show. The buyer, Campbell, CA-based Monte Bello Ridge LLC, shares the same address as Cerna Group of Marcus & Millichap. The seller was Gibson 233 LLC, an entity affiliated with Donald and Anne Kress Living Trust based in Tacoma. 

Marcus & Millichap’s multifamily office based in Seattle did not respond to an emailed request for comment about the transaction in time for the publishing of this story.

The Metropolitan Apartments, located at 233 and 245 St. Helens Ave, is comprised of 166 units across two adjacent buildings, according to public documents. The first structure contains 78 units and was built in 2008, and the second—constructed in 2002—contains 88 units.

The property offers a mix of studio, one- and two-bedroom units, with rents ranging from $1,200 to $2,700, according to its web site. Metropolitan Apartments offers a variety of on-site amenities including 24-hour pool and jacuzzi, state-of-the-art fitness center, a residence center complete with a cinema, and a dining room. The property, which sits between Wright Park and the edge of Commencement Bay, is just a few blocks north of downtown Tacoma and offers panoramic views of the Puget Sound and Mount Rainier from the complex’s rooftop. 

The Stadium District in Tacoma, a historic neighborhood and focal point of the city just north of the Metropolitan Apartments, has seen several properties change hands over the last few weeks. On September 18th, the 130-unit Vista del Ray Apartments–located at 319 N. Tacoma Ave.—sold for $25.7 million, or about $197,692 per unit, with  VDR Investment Homes LLC acquiring the property from Twin Spits LLC based in Seattle. 

Also on September 18th, the 5100 Summit Off Canyon Apartments located at 5001 – 5124 110th St. E. sold for $26 million, or about $236,363 per unit, with Woodspear 5100 Summit LLC acquiring the property from Summit Terrace Apartments LLC. 

In early September, Bellevue-based Curtis Capital Group spent $30.24 million, or roughly $179,762 per unit, to acquire the 168-unit Orion Apartments—also located in the Stadium District at 29 St. Helens Ave—from California-based Investors Management Group Inc. (“IMG”).