Seattle & Northwest + Seattle + Apartments | April 19, 2023

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

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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