TACOMA, WA, May 18, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of McCarthy Apartments, a 18-unit apartment property located in Tacoma, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $3,150,000.
Kellan Moll and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
McCarthy Apartments is located at 315 N G St in Tacoma, WA. The property was constructed in 1918 but had received several systems upgrades by the previous ownership. The unit mix consists of 9 studio units, 8 one-bedroom/one-bath units, and 1 three-bedroom/one-bath unit for a total of 18 units. The seller sold the property to capitalize on the rapidly increasing values in the area and was able to achieve a 42% increase over their purchase price just three years ago in 2018, while only performing significant renovations to one unit. The McCarthy sale will also set a new price per square foot record in the Stadium District of Tacoma for any multifamily asset under 120 units.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.