Ethos & Lombard Snag Tacoma Multifamily Complex for $17M
The turbulent economy has led to a slowdown on multifamily sales thanks to higher interest rates and the tight credit environment, but that didn’t stop Ethos Development and Lombard Equities Group from teaming-up to acquire Pine Street Townhomes in Tacoma, WA. Ethos and Lombard purchased the asset from Kaz Enterprises for $17 million.
According to the Puget Sound Business Journal, multifamily transactions were sparse in the first quarter of 2023, with only 15 in the region compared to the five-year average of 57 in Q1. A Lombard manager said the acquisition offered a great purchase price versus replacement value and the asset provides substantial upside on rental renovations and turnovers.
Located at 2901 S. 45th Street near the Tacoma Mall, the 53-unit community was built in 2009 and features apartments that offer wood cabinets, tile countertops and attached garages. Community amenities include a barbecue and picnic area and dog park.
Image courtesy of Lombard Equities Group