By Meghan Hall
Following on the heels of Seattle and Bellevue, the city of Tacoma is rapidly growing and is increasingly attracting investor interest. Institutional money continues to enter the market through a variety of deals, most recently in the sale of The Meadows Near Summit apartments. In a deal that closed just before Christmas, an entity affiliated with New York Life Investments paid $45.5 million, or about $227,500 per unit for the asset. The seller a limited liability company associated with American Property Management.
The asset is located at 11012 Portland Ave. E and offers one- and two-bedroom apartments to potential residents. Originally constructed in 2007, the apartments range in size from just over 900 square feet to more than 1,500 square feet. Pricing begins at around $1,800 per month. In all, the property offers 200 units.
“Designed for modern luxury living, the newly renovated apartment homes at The Meadows offer the lifestyle you desire,” states the property’s website.
Units are equipped with stainless steel appliances, custom cabinets, wood-like flooring and balconies or patios. Community amenities include a swimming pool, fitness center and clubhouse.
The asset is located off of State Route 512, not far from the South Hill Mall and Costco Wholesale. Pacific Lutheran University, as well as downtown Tacoma, are also not far away.
Currently, New York Life Investments has more than $63 billion in assets under management. The company’s portfolio spans 40 states and 150 markets. The firm targets opportunities “wherever they arise.”