PUYALLUP, WA—Lowe Enterprises Investors, in joint venture with First Capital Advisors, has acquired the Deer Creek Apartment Homes, a 256-unit apartment community located at 6115 111th Street East in Puyallup, near Tacoma. The 18-acre, 21-building garden-style property was built in 2000.
“Puyallup is a growing area that offers quality housing at reasonable prices to working families of the Tacoma and Seattle areas,” said Brad Howe, co-CEO of Lowe Enterprises (LEI). “We will undertake significant unit upgrades and renovations to the common areas while also improving operations and enhancing service.”
The 95% occupied property features a mix of one-, two- and three-bedroom units, many with fireplaces and full-sized washer/dryers, all with patio or balcony. Amenities at the property include a fitness center, heated pool with sundeck, tanning salon and a children's play area. LEI and First Capital will renovate unit interiors with upgraded flooring and finishes, new appliances and enhance the common areas including the club house, parking lot, roofs, playground and landscaping.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
