The Pointe East apartment complex in Fife, a city just outside of Tacoma, traded hands last week in a transaction worth $21 million, or just over $169,354 per unit, according to public documents filed in Pierce County. The seller of the complex was San Francisco-based Hamilton Zanze Real Estate Investments, and the buyer was Truckee, Calif.-based OpenPath Investments. The transaction closed on July 12, 2018.
Pointe East Apartments is a two-story, 1986-vintage property with 124 units located at 2524 62nd Ave E in Fife, a city just to the east of Tacoma. It features a mix of one- and two-bedroom units that range in price from $1,062 to $1,340.
Fife, with its proximity to Tacoma, Federal Way and Kent, has had a number of multifamily properties change hands recently. In June of 2018, San Diego, Calif.-based Pathfinder Partners acquired the 125-unit Astoria Apartments in Fife for $18 million, or approximately $144,000 per unit. A few months earlier, in April of 2018, RISE Properties Trust, a Canadian-based real estate trust, purchased the Rainier Pointe Apartments in Fife for $39.5 million, or $163,900 per unit.
The buyer of Pointe East is a social impact real estate investment company that strives to generate a triple bottom line: robust financial returns alongside positive and measurable social and environmental impact. The company focuses its investments in locations that serve millions of people, especially in the Western United States. According to its website, OpenPath works with high net-worth individuals or institutional investors as a source for its funding. It seeks to invest in village-like communities that may be under-performing in terms of occupancy and rents. It seeks to improve the physical environment and amenities and create settings that offer increased responsiveness from its tenants and management.