Seattle entity sells Tacoma 120-unit apartment property to Southern California investors
A recent apartment sale further reflects the prices commanded by Tacoma multifamily real estate.
Coventry Court IV Apartments, 908 76th St. Ct. E. in Tacoma, sold for $21.15 million. The seller was Seattle-based Goodman Real Estate.
The 100-unit site was developed in 1990. A separate, 20-unit property, Coventry Court Annex, sold for $3.45 million to the same purchaser and also was brokered by Kidder Mathews, according to a news release announcing the sale.
Rents at the site range from $1,450 for a 730-square-foot, one-bedroom, one-bath, to $1,950 a month for a 1,130 square-foot, three-bedroom, two-bath, according to Coventry’s website.
County records show the sale recorded June 24.
The buyer was Next Wave Investors, based in San Clemente, California, described in the release as “an extremely experienced West Coast investor.”
According to its website, Next Wave “currently owns and/or manages more than 1,800 units throughout the Western United States.”
The transaction involved a loan assumption from the seller to the buyer, according to Kidder Mathews, and is the first Puget Sound area purchase for the Next Wave, which also has property in Spokane.
The company also has made recent apartment acquisitions in Beaverton, Oregon.
Goodman, as a multifamily housing investment company, oversees various apartment properties in the area. A representative spoke recently with The News Tribune on its work to make 1 percent of its units available for the most vulnerable, through its One Percent IMPACT Initiative.
Locally, it is also developing new apartments at the former Kmart property on Sixth Avenue.
Brandon Lawler, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team of Kidder Mathews’ Seattle headquarters, represented the seller in the on-market sale. Kidder Mathews was the only broker involved in the transaction, according to Tuesday’s release.
Next Wave, on its website, outlined its purchase/investment strategy, saying it is “focused on achieving superior returns by investing in well-located, under appreciated multifamily properties in high growth secondary U.S. markets ... .”
It added, “Immediately following acquisition, our affiliated property management team executes a comprehensive renovation and repositioning program, typically including new model apartments, unit renovations, new exterior paint and signage, and improvements to all common areas.”
The company noted, “Asset sales are timed to coincide with peak occupancy following renovation.”
