By Jack Stubbs
On December 5th, in a transaction that was recently recorded, the Bradley Park Apartments in Puyallup sold for $43.7 million, or about $276,582 per unit, Pierce County records show. The buyer of the property was Newport Beach, CA-based MIG Real Estate, a company that invests in multifamily, office, hotel, retail and industrial assets across the Western U.S., and whose Pacific Northwest portfolio includes a number of multifamily properties. The seller of Bradley Park was New York-based investment firm Blackstone Group.
Located at 2323 Seventh St. SE, the two-story property was built in 1999 and contains 158 units, according to the listing on apartments.com, offering a mix of two- and three-bedroom options that range from 1,005 to 1,297 square feet. Sitting within walking distance of Bradley Lake Park and Wildwood Park, the complex includes stainless steel appliances, 24-hour fitness center, outdoor heated pool and newly-renovated flooring, according to the listing on Greystar’s web site.
Bradley Park is also located within a transit-rich area, with a number of options available to residents including Pierce Transit Bus Lines and the Sounder Commuter Train, as well as amenities including South Hill Mall, the Washington Fair Grounds and Joint Base Lewis McChord.
MIG Real Estate owns and operates over 10 million square feet of real estate, including more than 6,000 multifamily units, according to the company’s web site, and is currently seeking to expand its portfolio, which spans the Western U.S. Some of MIG’s multifamily properties in the Pacific Northwest include the Becket Apartments and the Berkshire Apartments, both of which are located in Renton.
Founded in 1985, Blackstone Group seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works, according to the company’s web site. In early June 2019, the company spent $93 million, or approximately $206,666 per unit, in its purchase of the 450-Unit River Trail Apartments in Puyallup from American Capital Group Inc.
In early September, Los Angeles-based TruAmerica Multifamily–a company whose regional portfolio comprises more than 2,000 units across ten properties ranging from Everett to Federal Way—spent a combined $67.5 million to Acquire 220-Unit Townhomes at Mountain View Apartments, which are located at 2309 E. Main Ave.
Earlier this year, the 37-building, 147-Unit Brookstone at Edgewater Townhomes in Puyallup sold for $41.5 million, with the buyer, Security Properties, adding to its 21-multifamily property portfolio in the Puget Sound region.