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Tacoma Apartments Trade in City’s Second Sizable Deal This Month
The 131-unit Caesar’s Luxury Apartments in the north end of downtown Tacoma has sold for $35.4 million. The Puget Sound Business Journal reported that it’s the second sizable multifamily sale in the Tacoma area so far this quarter.
The seller was Mercer Island-based Barcelo Homes, which developed the recently completed project. An entity affiliated with Tacoma-based Dobler Property Management is the buyer, reported the Business Journal.
Nick Ruggiero, Ryan Harmon, Philip Assouad and Giovanni Napoli of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The price works out to $269,847 per unit, according to IPA.
“Caesars appeals to an affluent renter profile and benefits from a surrounding population of 220,000 with a median age of 32 and an average annual household income of $96,000,” said Assouad.
The apartments, still in lease-up, are located at 308 Tacoma Ave. S., near Wright Park and Tacoma General Hospital. Rents range from $1,400 to $2,500 per month.
Earlier this month, Pine Street Townhomes, at 2901 S. 45th St., sold for $17 million to Portland-based Ethos Development and San Francisco-based Lombard Equities Group.
Photo courtesy of Barcelo Homes.
- ◦Sale/Acquisition
