By Jack Stubbs
On Monday, September 10th, the Terra Tukwila Apartments sold for $9.2 million, or approximately $167,272 per unit, according to public records filed with King County. The buyer was Palo Alto, California-based Pacific Urban Residential (‘PUR’), a West Coast apartment investor. The seller was P & B Construction Co LLP, an entity affiliated with William P. Ketcham Properties LLC based in Seattle.
Pacific Urban Residential did not respond to calls for comment about the transaction in time for the publishing of this story.
The Kidder Mathews multifamily team of Sidney Warsinske, Ryan Dinius, Philip Assouad, and Giovanni Napoli brokered the sale.
Located at 6206 S. 153rd St., the two-story Terra Tukwila Apartments was built in 1949 and contains 55 units, according to the property listing on apartments.com. The units range from 728 to 1,608 square feet. According to the web site for the property, Terra Tukwila offers a mix of one-, two- and three-bedroom units that rent for between $1,201 and $2,250. Some of the in-unit apartment amenities include hardwood floors, fireplace, off-street parking and a balcony.
The property’s web site also emphasizes its “beautiful park-like setting,” which has easy access to Interstate-405 and Interstate-5 and is just ten miles from downtown Bellevue. The asset, which sits adjacent to Tukwila Park, is also approximately four miles from Sea-Tac Airport and about four miles west of Renton.
The property is also located within one mile of several other apartment complexes including the 179-unit Foster Creek Apartments; the 54-unit North Hill Apartments; and the three-story, 114-unit La Vista Apartments.
Founded in 1998, PUR is a private, multifamily investment company that looks to acquire apartment properties in major West Coast markets. Since its founding, the company has acquired over 17,000 apartment units valued at over $3 billion, according to its web site.
The company’s recent acquisition of the Terra Tukwila Apartments follows another purchase that the company made early last year. In February 2017, the company acquired the 357-unit Wasatch Hills apartment community in Renton for $67.25 million, or approximately $188,000 per unit, from Utah-based Wasatch Group.