By Meghan Hall
Heading into the end of the year, another local apartment complex has traded hands. In a deal that was finalized this week, the James Apartments in Lakewood sold for $32.55 million, or about $227,622 per unit. The buyer of the property is James Apartments Lakewood Owner LLC, affiliated with William McCabe. The seller, according to public records, is an entity affiliated with Plymouth Meeting, Penn.-based Forty2, a property management and development firm.
The asset itself is located at 4828 123rd St. SW. With 143 units, the property was built in 1976 and features a mixture of studio, one-, two- and three-bedroom units. Residences range in size from about 500 square feet to more than 1,200 square feet; rents begin at just under $1,300 per month, based on data from Apartments.com.
Community features include a cyber cafe, courtyard and clubhouse, pool with sundeck and state-of-the-art fitness center. Residents also have access to onsite maintenance and management, as well as concierge services.
“Our sophisticated, modern apartments for rent have been designed to offer a pure and timeless simplicity that works well for both families and individuals,” states the property’s website. “You’ll find that our thoughtfully designed one bedroom, two bedroom and three bedroom apartment styles emphasize open, flexible spaces, allowing you to easily tailor the apartment’s functionality to your own personal sense of style.”
The apartment complex is located near several major employment centers, most significantly Joint Base Lewis McChord. Downtown Tacoma is about 15 minutes away by car and is easily accessible via Interstate 5. Pacific Lutheran University, Clover Park Technical College, and the Lakewood Towne Center are all also located in the vicinity.
In recent weeks, apartment assets around the Puget Sound have continued to sell. The Arthouse Apartments, located in downtown Seattle, traded for $62 million. In another massive, 30-property deal, Greystar sold a number of properties–including two regional assets–for $3.6 billion. The buyer of the portfolio was Ivanhoe Cambridge. Other recent transactions include Interstate Equities’ acquisition of a 106-unit building in Mountlake Terrace for $30.8 million, as well as King County’s purchase of an 80-unit affordable housing development for $32 million. Combined, the deals show that there is significant movement in the multifamily sector, and investment continues to move into the region.