By Meghan Hall
A luxury apartment complex in the suburb of Graham, Wash., has sold. According to public documents, The Outlook Apartments traded for $55 million, or about $292,553 per unit in a deal that closed at the end of February. According to public documents, the seller was affiliated with Carlsbad, Calif.-based Virtu Investments. The buyer is an entity associated with OpenPath Investments, a real estate investment firm established in 2005.
The property is located at 10234 194th St. E. The 188-unit apartment complex features a mix of one-, two- and three-bedroom residences ranging in size from about 900 square feet to more than 1,600 square feet. Apartments feature vinyl wood plank flooring, nine-foot ceilings and updated kitchens. Community amenities include a clubhouse and barbecue area, bike storage, business center, sundeck, gym and free Wi-Fi.
“At The Outlook Apartments, you’ll be sure to find ample apartment and community amenities like our seasonal sparkling outdoor pool and premium barbecue area, but you’ll also find the kind of updates you won’t notice at first, but will appreciate soon enough,” the property’s website states. “Our Efficient Living program helps you save on energy each month, reduce waste, and live more sustainably.”
The apartment complex is in a largely suburban area but with some commercial pockets—including a Fred Meyers and WinCo Foods—close by. The property is also an easy drive to the Pierce County Airport: Thun Field and green space along the Puyallup River.
“With its small-town feel, but close enough to the big city of Seattle, naturally beautiful, Graham, WA is a wonderful place to live,” the website adds. “This area boasts great schools, an abundance of recreational activities, gorgeous countryside, an eclectic mix of shopping and dining, and of course, the Pierce County Fair! You really can have it all at The Outlook Apartments.”
The apartment investment market has been heating up in recent months—a positive sign of a rebound according to analysis released by Kidder Mathews’ Dylan Simon team. In 2020, 227 apartment transactions closed, a 35 percent reduction from a record peak set in 2019. However, Kidder Mathews maintains that transaction levels were still impressive.
Additionally, even while core markets have struggled, suburban markets like Graham have retained solid fundamentals, providing enticing investments. Average sales values on a price-per-square-foot basis increased year-over-year in suburban markets, even though overall volume in 2020 did not exceed the previous year. Looking ahead, Kidder Mathews predicts that fundamentals will continue to strengthen as big tech and other major companies return to the office.