By Meghan Hall
Apartment assets throughout the Puget Sound continue to attract investors, even assets further south as the region grows. In a transaction that closed on December 22nd but only recently recorded, the Clearview 100 Apartments in University Place, Wash., sold for $27,563,895.48. The seller, based on public records, was Market Place Flats LLC, a Tacoma entity affiliated with Kathryn Dobner. The buyer is an entity tied to the Master Builders Association of Pierce County.
Located at 3555 Market Place West, the complex was built in 2013 and includes 100 units. Residences are a mix of studios, one- and two-bedrooms, with rents in the $1,400 per month to $1,800 per month range. According to Apartments.com, the community features a fitness center with sauna, spa, recreation room and sundeck.
“Utmost relaxation and stress-free lifestyle, that’s what comes attached with living on our finely landscaped grounds,” states the property’s website. “Our studios, one, and two-bedroom apartments are spacious, with ample storage space, and private patios or balconies, while the community amenities allow you to escape the noise of the city and feel like you are on holiday. The kitchens invite you to hone your cooking skills, the living rooms are bright, and the bedrooms cozy, not to mention other conveniences like having a washer and dryer, tall ceilings, and window coverings.”
The apartment complex sits in the middle of a shopping center anchored by a Whole Foods. Other retailers such as MOD Pizza, Anthem Coffee & Tea, and European Wax Center are also tenants in the center. Clearview 100 is also not far from Chambers Bay Golf Course and Tacoma Community College.
As the region expands, investors who typically focused on core Seattle and King County assets are looking to Tacoma for new opportunity. According to a report released by Kidder Mathews in the fall of 2020, Pierce had the largest number of sales outside of Urban King County during the first half of 2020, and was one of the few markets that kept track with the frantic sales pace seen in 2019. 24 sales closed during the first half of the year, and capitalization rates stood at 5.5 percent—fundamentals which remain a huge draw for investors.