By Meghan Hall
Investors of all shapes and sizes are continuing to invest in the Puget Sound multifamily market. In two recent deals in Tacoma, Wash., San Diego-Calif.-based ColRich has purchased the Midtown Loft Apartments and the Hannah Heights Apartments for a combined $32.6 million. Public records indicate that the deals both closed on August 23rd but only recently recorded.
The seller of both assets were two limited liability companies: Tacoma The Lofts LLC and Tacoma HH LLC. Both are affiliated with private investors based out of Danville, Calif.
In the larger of the two deals, ColRich paid $19.3 million, or about $378,431 per unit, for the Midtown Lofts Apartments at 1142 Fawcett St. Apartments.com indicates that the complex was constructed in 2011 and contains 51 units. The units are a mix of one-, two- and three-bedrooms ranging in size from 812 square feet to more than 1,700 square feet. Community amenities include a fitness center, clubhouse and breakfast and coffee concierge.
In the second deal, ColRich purchased the Hannah Heights Apartments for $13.3 million, or about $369,444 per unit. The asset is located at 415 Sixth Ave. The property features a mix of one- and two-bedroom units that range up to about 1,100 square feet in size. Constructed in 2007, the building contains 36 units. Units feature slab granite countertops and hardwood floors. Residents also have access to a fitness center and on-site maintenance.
ColRich is a real estate construction and investment firm that focuses on value-add, residential real estate. The company focuses on “strategic” locations throughout the Western United States, and works to maximize cash-on-cash returns and capital appreciation through extensive renovations and improved management, states the firm’s website. ColRich states that in its efforts to reposition, it wants to give an alternative to newer, more expensive, Class A product hitting the market.
In all, the company’s multifamily portfolio totals more than 20,000 units and includes several additional properties in Washington State. The company also owns Park 120 in Everett, which totals 249 units, Vue25 in Tacoma, which totals 163 units, and the Woodmark Apartments, also located in Tacoma and which totals 288 units.