By Meghan Hall
As the Puget Sound’s economy continues to grow, investor interest in the suburbs has also increased in markets both East and South of Seattle. In Pierce County, properties remain more affordable than in downtown Seattle or on the Eastside, and another apartment complex has traded hands. According to public records, the Westminster Towers apartment complex in Tacoma sold for $28 million, or about $201,000 per unit. The seller was Fife, Wash.-based Westminster Towers LLC, affiliated with Mark Carpenter. The buyer, PCS Kent LP, is affiliated with Scotts Valley, Calif.-based Latigo Management.
Timothy Ufkes and Evan McLeod from Marcus and Millichap brokered the deal.
“Westminster Towers is an institutional-quality value-add property that has received many interior renovations over the past two years,” said Ufkes, senior vice president investments in Marcus & Millichap’s Seattle office. Ufkes and McLeod represented the seller, a local developer, and procured the buyer, a private investor in a 1031 exchange.
The property is located at 10925 S Park Ave. Built in 1997, the complex totals 139 units, and are made up of one- and three-bedroom units. According to Apartments.com, one-bedroom apartments total about 837 square feet and run $1,295 per month. Three bedrooms are larger, at about 1,137 square feet and cost $1,795 per month. Units can be equipped with modern kitchens, vaulted units. Communities amenities include a fitness center, spa, pool and playground. Complimentary tanning is also available.
The complex is just off of State Route 7 and main commercial corridor. 7-11, Sonic Drive-In and Dollar Tree are all located nearby.
Apartments South of Seattle have been continuing to sell despite COVID-19, indicating investor interest in the area. Just last week, the Providence Landing complex in Federal Way traded for $11 million, or about $216,000 per unit. In Kent, Wash., Forum Real Estate closed on the Knol Apartments, which it purchased from Goodman Real Estate for $44.5 million.