JLL closes the sale of Vue25 Apartments in downtown Tacoma
TACOMA, WASHINGTON, February 10, 2016 – The Tacoma market is witnessing an apartment investment boom as more Millennial employees of growing Puget Sound companies look south to Pierce County for cheaper alternatives to Seattle’s rising rents. In doing so, they are finding a steadily increasing supply of recently delivered apartments offering amenities on a par with many of Seattle’s newer communities. This growing demand from renters is also attracting additional investment to the region’s apartment sector.
JLL Multifamily capital markets experts David Young, Corey Marx and Seth Heikkila recently marketed and sold the 163-unit Vue25 Apartments at 2368 Yakima Avenue in the heart of thriving Tacoma on behalf of the owner, suburban Philadelphia-based CenterSquare – a part of BNY Mellon Investment Management. The buyer was San Diego-based residential development and investment firm, ColRich Multifamily.
Completed in 2012, Vue25 is considered to be one of Tacoma’s premier communities with units featuring modern gourmet kitchens, recessed lighting, walk-in closets, front-loading washers and dryers, air conditioning and views of downtown Tacoma. The community also features a clubhouse with a games room and lounge, a fitness center, WiFi, outdoor courtyards and barbeque facilities as well as extra storage and garage parking. The community sits overlooking downtown Tacoma and has four hospitals within a four-mile radius, as well as the Port of Tacoma, a large U.S. Army military base and the University of Washington Tacoma, University of Puget Sound and Tacoma Community College nearby.
“There was significant interest in this offering because more regional and national apartment investors are reacting to the strong fundamentals of markets outside Seattle’s downtown core, such as Tacoma,” said Young. “Tacoma has seen limited new construction in the last few years but steadily decreasing vacancies and rising rents as more Millennial renters look for highly amenitized units in a downtown setting outside the pricier Seattle neighborhoods,” he added.
About JLL Capital Markets
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists operating across the globe.