Home Finance PGIM Acquires 166-Unit Senior Housing Community in Tukwila for $85MM

PGIM Acquires 166-Unit Senior Housing Community in Tukwila for $85MM

PGIM, Marvelle Southcenter, Tukwila, Newark, Alliance Residential, Westfield Southcenter, Tukwila Pond

By Catherine Sweeney

Not long after completing construction, Marvelle at Southcenter, a 166-unit senior housing community in Tukwila has sold for $85 million, or approximately $512,000 per unit. The property was previously owned by Alliance Residential, which developed the property in 2019. The buyer in the transaction was Newark, New Jersey-based real estate investment company PGIM. 

Located at 415 Baker Boulevard, the 55+ community contains a mix of studio, one- and two-bedroom units, which range in size from 507 square feet to 1,208 square feet. According to the property website, prices start in the low $2,000s for one-bedroom units and start in the low $3,000s for two-bedroom units.

In addition, Mavelle at Southcenter offers a variety of tenant amenities, including a concierge, coffee bar, lobby and lounge area, game room, theater, fitness center, club room, arts and crafts room, community courtyard and spa.

“Feeling confident in your home starts with knowing your home was designed for you. No tactics — just artful living streamlined to meet your most essential needs in a home. We believe in friction-free living wrapped in impeccable taste, so we’ve designed a collection of apartment communities exclusively around making life easier, happier and healthier,” the property’s website states. 

The property is also located near a variety of community amenities in Tukwila, which is home to a thriving retail and entertainment scene. The apartment community is also neighboring Westfield Southcenter, the largest indoor shopping center in the region. The property is also a short drive to Interstate-405, and in walking distance to trails at Tukwila Pond.  

PGIM is a global real estate investment company, with locations in 32 cities. The company was founded in 1970 and currently has $201 billion worth of assets under management. 

The company has been relatively active in the Pacific Northwest over the past several months. Most recently, the company sold two apartment properties, Vantage Park at First Hill and 700 Broadway, in Seattle, for a combined $68.4 million. In total, the apartment portfolio contained 150 residential units. In March, the company also purchased the Advanta Office Commons in Bellevue. The Microsoft-leased building was acquired for $169 million.