Puget Sound Multifamily Asset Trades at $26 Million
TACOMA, Wash., Sept. 26, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 5100 Summit Apartments, a newly constructed 115-unit multifamily property in Tacoma, Washington. The sales price is $26 million, which equates to $226,087 per unit.
“Pierce County is one of the fastest-growing markets in the U.S. and is attracting large regional and national developers,” commented Tim Ufkes, senior vice president investments. “The submarket’s higher yields and entry-level pricing are also drawing investors.” Ufkes and Evan McLeod, both in Marcus & Millichap’s Seattle office, represented the seller, a Pierce County-based developer. The buyer is a Denver-based investor. Constructed in 2018 and 2019 in Tacoma between Puyallup and Lakewood, the property is located off the Canyon Road exit, 2.5 miles west of the South Hill Mall. State Route 512 and the Boeing Co. are nearby. 5100 Summit Apartments is a fully gated community with a mix of one- and two-bedroom apartments. Floor plans measure up to 1,077 square feet and every unit has a balcony and an attached garage or carport.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.