Home AEC Koz Development Sells Two Puget Sound Multifamily Communities for $45MM

Koz Development Sells Two Puget Sound Multifamily Communities for $45MM

Koz Development, The Calida Group, Tacoma, Koz at the Dome, Koz on Market Street
Koz at the Dome. Courtesy of Koz Development.

By Meghan Hall

Koz Development, a relatively new firm in the commercial real estate industry, has been extremely busy since its initial founding in 2014. The company has developed a number of projects across the Puget Sound, with a goal of focusing on student and workforce-oriented projects. In a recent deal, Koz has sold off two of those projects, located in Tacoma for a combined $45 million.Public records indicated that the buyer of both properties were limited liability companies affiliated with The Calida Group, who is headquartered in Las Vegas.

The larger of the two complexes to sell was Koz at the Dome Apartments, located at 304 Puyallup Ave. For the development, which was completed in January of 2020, The Calida Group paid $27.5 million, or about $180,921 per unit. According to Koz’s website, the asset includes 152 units. The units are divided into 100 studios, 8 one-bedroom, 8 two-bedroom, and 26 loft units. No onsite parking or retail is included in the development.

“Koz at the Dome is Tacoma’s newest apartment community, centrally located near transit options, restaurants, and attractions,” the property’s website states. “Our apartment homes come optionally furnished and all utilities are included in the price of rent.”

Community features include a courtyard, rooftop deck with barbecue, and common laundry.

In a second deal, The Calida Group acquired the Koz on Market Street Apartments for $17.5 million, or about $168, 269 per unit. The asset sits at 1522-1566 Market St. The 104-unit was completed in January of 2019 and is made up entirely of studios.

Koz has been incredibly active in the region as of late, recently working through design reviews for a number of projects, including 123 Bellevue Ave. E., a 167-unit complex in Seattle, and 300 W. Republican Street, which totals 162 units and is also located in Seattle. The company lists four other active projects in development, as well as 11 completed projects. Two other projects–Derby SLU and Koz and SW Yamhill have been finished and sold off, as well.

Many of the units include micro-units or SEDUs, which are gaining traction as housing becomes more expensive in the Puget Sound. On its website, Koz states its goal is to allow for affordable, updated living in urban environments, providing accessibility to neighborhoods that might be financially otherwise out of reach.