TACOMA, WA-JRK Investors has closed on its purchase of the Westridges, a 714-unit, 62-building apartment community, located just outside of downtown Tacoma. The multifamily asset traded for $64.5 million.
According to Jones Lang LaSalle's capital markets group, the Westridges is the largest apartment community in Pierce County and the fourth largest in the entire Puget Sound region. Managing director David Young and SVPs Corey Marx and Seth Heikkila led the JLL team on this transaction.
“This offering provided investors an opportunity to own not only the largest, but also one of the best multifamily assets in Pierce County,” Young says. “On top of its sweeping views of Puget Sound and ideal location in the highly regarded University Place, the Westridges also offers upside potential through cosmetic renovations.”
Young adds that the acquisition is “a strong one for JRK Investors as the Seattle region features some of the lowest vacancy rates and the highest rent growth in the nation right now.”
The Westridges is located at 2602 Westridge Ave. West near Route 16, I-705 and I-5. Completed in 1991, the 62-building community sits on a 37.15-acre site. It features indoor and outdoor heated swimming pools, a community clubhouse, hot tub, basketball and racquetball courts and fitness center. Units come complete with a washer and dryer, dishwasher, fireplace, walk-in closets, vaulted ceilings on the upper floors, private balcony or patio and storage.
A recent apartment market report from Marcus & Millichap recently showed that the Seattle apartment market is hot with demand far outpacing supply, resulting in multiple offers if priced correctly. “The lack of available listings has some investors purchasing smaller properties than is the norm in their portfolios just to get a foothold in the market. As demand intensifies, owners who bought during the downturn and remodeled are offering properties for sale while interest rates remain low and buyer demand is heightened.”
Current investors, according to the Marcus & Millichap report, are typically looking to hold for the long term with rent growth generating upside potential.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
