Home Finance Puyallup Apartment Complex Trades for $50.2MM

Puyallup Apartment Complex Trades for $50.2MM

The Calida Group, Koz Development, Woodworth-Berg Apartment Development, Bella on Canyon Apartments, Puyallup
Courtesy of Bella on Canyon Apartments

By Meghan Hall

The COVID-19 pandemic has prompted investors to turn their sights beyond downtown neighborhoods and into the suburbs. Multifamily assets, in particular, have benefitted from this trend, which has continued even as mask mandates and other restrictions have lifted. In a deal that closed just this week, Las Vegas-based The Calida Group acquired a Puyallup apartment complex for $50,210,450, or about $358,646 per unit. Public records indicate that the seller was an entity associated with Woodworth-Berg Apartment Development LLC.

The asset is located at 5402 141st St. E and is known as the Bella on Canyon Apartments. Built in 2012, the property rises three stories and has 140 units ranging in size from 629 square feet to more than 1,300 square feet. Apartments feature amenities high ceilings, patios and balconies, and fireplaces. Community amenities include a fitness center, playground, clubhouse, pool and spa.

The apartment complex is not far from a Fred Meyer-anchored grocery center, Pacific Lutheran University and Mt. Rainier National Park.

The Calida Group has been slowly expanding its Puget Sound portfolio. In June of last year, the firm made its first Portland acquisition with the purchase of the Autumn Grove Apartments for $39.5 million. Over the past year, the organization has also purchased several additional properties in Seattle: In September, The Calida Group paid $27.5 million, or about $180,921 per unit, for Koz at the Dome, and an additional $17.5 million for Koz on Market Street. Both are located in Tacoma.

In February, The Calida Group paid $27 million, or about $264,705 per unit, for Koz on North Broadway, a 120-unit project in Everett. All projects were sold by Koz Development.

Founded in 2007, The Calida Group has acquired more than 16,000 multifamily units across the United States. The firm has also invested about $1 billion annually in development, value-add and core-plus opportunities, according to its website, placing capital on behalf of commingled funds and high-net worth individuals.