Home Finance Low Income Housing Institute Pays $22.5MM for 82-Unit Tacoma Apartment Building

Low Income Housing Institute Pays $22.5MM for 82-Unit Tacoma Apartment Building

Low Income Housing Institute, Tacoma, The Heron, Emerald Bay Apartments LLC, Deer Harbor, Seattle

By Catherine Sweeney

In an effort to provide affordable housing options to those living in the Puget Sound, Low Income Housing Institute (LIHI) is buying up more multifamily property. In one recent transaction, the organization paid $22.5 million, or about $274,390 per unit, for The Heron apartment building in Tacoma. The property was sold by Emerald Bay Apartments LLC, an entity linked to Deer Harbor, Wash.-based Chris Robison, according to Pierce County public records. Jay Timpani, Mitchell Belcher, Steven Chattin and Chad Blenz of Berkadia represented the buyer in this sale, according to a representative from Berkadia.

The Heron is located at 1624 E 32nd St. and offers 82 studio and one-bedroom apartment units, according to Apartments.com. Apartment units range in size from 353 to 593 square feet with current rental rates ranging from $1,375 to $1,750 per month.

The property also features several community amenities, including laundry facilities, package service, a fitness center and a clubhouse.

The property is located in Tacoma’s Eastside neighborhood, near a variety of dining and entertainment options. The Heron is situated closely to both Interstates 5 and 705 as well, providing easy access to the rest of Tacoma.

LIHI is a developer and owner of affordable housing for low income and unhoused people throughout Washington. Founded in 1991, the organization has since grown to own and/or manage more than 3,400 housing units at 75 sites and six counties throughout the Puget Sound.

Recent acquisitions by LIHI into the region include its $18.1 million – or $194,623 per unit – purchase of the Dockside Apartments at 6860 E. Green Lake Way N. in Seattle. The 93-unit apartment building was purchased in June and provides a mix of permanent supportive and low income housing.

The company also made two acquisitions in Seattle during the end of 2021. LIHI paid $16 million for a development site at 420 Boylston Ave. E., which will provide 59 units of micro-housing, according to previous reporting from The Registry. During the same month, LIHI also paid $10.97 million, or about $304,722 per unit, for a 36-unit apartment building located at 506 10th Ave. East in Seattle’s Capitol Hill neighborhood.