By Jack Stubbs
The Outlook: Graham Apartments, located in the city of Graham in Pierce County, sold last week for $38.5 million, or $204,787 per unit, according to public records.
The buyer was a joint venture between Virtú Investments, a Larkspur, California-based investment firm that acquires and operates various commercial residential properties and JT Outlook LLC, an equity partner. The seller was Eagle Creek Land and Development LLC, an entity based in Kent, WA, according to public records filed with the county.
The 188-unit property, located at 10234 194th St E., is roughly thirty miles south of the Sea-Tac International Airport and eighteen miles southeast of Tacoma. The complex is managed by Charleston, SC-based Greystar.
According to the website for The Outlook: Graham Apartments, the “top of the line” complex offers a combination of one- two- and three-bedroom apartment units. The one-bedroom units are 1,182 square feet; the two-bedroom units are between 1,057 and 1,450 square feet; and the three-bedroom units are 1,658 square feet. Each of the different unit types include several high-end in-unit amenities, such as stainless steel appliances, ceramic stove tops, walk-in closets and attached garages included as part of the floor plan. As quoted on its web site, the residential units are set in an “in-the-mix location” that promotes an “environmentally-friendly, easy-on-the-utilities home.”
Virtú oversees a multi-market portfolio comprised of 109 assets and more than 20,000 apartment units. This portfolio expands throughout the western United States. One of their other Washington state assets is the Evergreen Ridge in Bellingham. According to its website, the company’s principal strategy is “to purchase under-performing real estate where there is an opportunity to add value.” The company also emphasizes its presence in cities with a strong demand for housing and residential properties.
Neither the buyer nor the property management company responded to comment about the sale of the asset.