Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Tanara Villa, a 130-unit multifamily asset in Tacoma, Washington. The property sold for $24.15 million, which equates to $185,769 per unit.
“On the market for the first time in 42 years, Tanara Villa is a significant value-add asset,” said Kellan Moll, first vice president investments in Marcus & Millichap’s Seattle office. “While prior ownership operated the property as a 55-plus seniors housing asset, our buyer can convert Tanara Villa to a market-rate property with no age restrictions. We generated 12 offers and exceeded our client’s financial goals.” Moll and Scott Morasch had the exclusive listing to market the property on behalf of the seller, a private investor in a 1031 exchange, and procured the buyer, a limited liability company. “The property is in the West Slope neighborhood of North Tacoma, a submarket that experienced a 19.04 percent rent increase between Q4 2019 and Q1 2021,” added Morasch.
Built in 1969 on four-plus acres, Tanara Villa is near Interstate 5 and State Route 16 and within walking distance of the Westgate North Shopping Center. Outdoor recreation is a short drive away at Point Defiance, Highlands Golf Course, Titlow Beach, and Ruston Way. Tacoma’s major employers include the MultiCare Health System, McChord Air Force Base, CHI Franciscan Health, and the Emerald Queen Casino.
Tanara Villa is a controlled-access, five-building property with four laundry rooms, a recreation room, a dog park and 113 parking stalls. The apartments are all one-bedroom/one-bath units, 114 of which are 550 square feet and 16 are 600 square feet.