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Avery on Pearl Sale Shows Institutional Demand for Tacoma
Institutional investors continue to view Tacoma multifamily as an opportunity, in fact, institutional players are “fighting to get into urban Tacoma”, according to brokerage reports. This trend is bolstered by the fact that The Avery on Pearl multifamily complex sold late last month in a $98 million transaction or $300,000 per unit, higher than the year-to-date average of $226,000 per unit, according to Kidder Mathews research.
Los Angeles-based TruAmerica Multifamily purchased the 196,000-square-foot 19-building property with 330 units. San Diego-based ConAm Management was the seller.
The sale is the highest-priced multifamily transaction in Tacoma this year. The previous high-priced multifamily was The Village on Main in Point Ruston which sold for $85.5 million in September.
The Pearl Street asset was built in 1987 and last sold in 2015 for $30 million. It is located at 1202 N. Pearl St. near the west end of Sixth Avenue and the Highway 16 interchange.
- ◦Sale/Acquisition
