The 107-unit McKinley Terrace Apartments in Tacoma sold last week for $11.1 million, or $103,738 per unit, according to Pierce County public records. The apartment complex, located at 807 E Wright Avenue is located next to McKinley Park and across the highway from the Tacoma Dome, was sold between two entities associated with Larry Blake of Bellevue.
The complex is comprised of two L-shaped buildings. It was built in 1980 and renovated in 1999, according to complex’s web page on apartments.com. Based on the web site, there are no units available for rent, although there is no indication when this web site was updated last.
The Tacoma submarket, which includes Tacoma North & Central and Tacoma South, has just over 500 units under construction and only 121 planned, according to Apartment Insights Washington, an apartment research organization that racks the apartment market across the Puget Sound region. The vacancy in the market is in the low single digits, following trends across the region as continued increase in employment keeps the pressure on the housing. Across the Tacoma submarket, average vacancy over the last four quarters has been between 3.97 and 4.42 percent, while rents per square foot hover between $1.25 and $1.58.