July 8, 2022 (Seattle, Wash.) – Unico Properties LLC, a Seattle-based real estate investment and operating firm, and Pinnacle Partners, a boutique Qualified Opportunity Zone investment firm, has delivered new apartment units in Tacoma’s historic Washington Building.
With 156 units, this 18-story building embodies rich regional history while delivering modern apartment homes to downtown Tacoma. The interior has a timeless and elegant design, showcasing many of the building’s original finishes, including a marble-clad lobby and terrazzo flooring. A one-of-its-kind resident cocktail lounge is located in the building’s historic, refurbished bank vault. Residents will also enjoy a renovated penthouse with rooftop amenity deck, which was first home to Tacoma’s medical Scientific Zoo. The building is in the heart of downtown Tacoma, offering residents easy access to dining, shopping and entertainment.
The Washington Building was built in 1925 and was the tallest building in Tacoma and second tallest building in the Pacific Northwest at the time. Unico acquired the building in 2016 and began renovations in 2020. To preserve the building’s historic character, Unico worked with the City of Tacoma for the design and achieved landmark status for the building from the National Park Service and City of Tacoma.
“As a longtime investor in Tacoma, we’re excited to deliver a project alongside Pinnacle Partners that brings to life some of the region’s richest history,” said Gina Pfingston, Unico Investments and Development Manager. Julie Currier, Unico Vice President of Development and Tacoma native added, “We’ve been working with the City of Tacoma and we’re proud to be a part of restoring this beloved building and revitalizing the area in a way that celebrates its history, especially after the challenges we faced, like all developers, in starting this project at the height of the pandemic.”
“Opportunity Zone investing is a force for good in communities around the country, and because of that, we’ve been able to partner with Unico on writing the next chapter in the nearly 100-year history of this historic property,” said Leo Backer, co-founder and managing partner of Pinnacle Partners. “We look forward to watching this redevelopment contribute to the vibrancy of downtown Tacoma.”
The building is being reintroduced to the market as The Astor and has welcomed its first residents. The Astor includes studio units, as well as one- and two-bedroom modern apartment homes that feature an incredible view of the Puget Sound, mountain ranges and the city. Residents will have access to the building’s ample amenities, including a fitness center, speakeasy-style bar, theatre room, penthouse lounge and soon-to-come Great Room, allowing residents to work from home outside of their unit but within the building’s two-story volume, historic bank space. Later this summer, Jin Jin Matcha, a matcha tea café, will occupy the corner retail space at the building, helping to further activate downtown.
About Unico Properties
Unico Properties LLC, a subsidiary of Unico Investment Group LLC, is a commercial real estate investor, developer, and full-service operator focused on office and multifamily assets in emerging markets throughout the United States. Founded in 1953, Unico has been transforming the built environment by creating innovative, people-focused building experiences through a cadre of subsidiary companies that deliver boutique expertise and institutional execution for its own accounts and select third-party clients. The private equity real estate investment firm currently owns and operates 18 million square feet of commercial properties across the United States and continues to grow.
About Pinnacle Partners
Pinnacle Partners has been an early mover and leader in Opportunity Zone real estate investing. The firm and its subsidiaries have invested more than $130 million in OZ equity across nine projects that consist of approximately 1300 multifamily units, and two historic adaptive reuse office buildings. Pinnacle Partners seeks best-in-class development partners with track records of delivering and operating successful projects.