Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Westminster Towers, a 139-unit multifamily complex in Tacoma, Washington. The property sold for $28 million, which equates to $201,439 per unit.
“Westminster Towers is an institutional-quality value-add property that has received many interior renovations over the past two years,” said Timothy Ufkes, senior vice president investments in Marcus & Millichap’s Seattle office. Ufkes and Evan McLeod represented the seller, a local developer, and procured the buyer, a private investor in a 1031 exchange.
Built in 1997, the property is located immediately off State Route 512 and Interstate 5 near South Hill Mall, Tacoma Mall, Pacific Lutheran University, and McChord Air Force Base. The fully gated apartment complex has studio, one-, two- and three-bedroom apartments with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, and garage and covered space parking.