PCCP, LLC announced it has provided a $13.25 million preferred equity investment to Timberlane Partners to finance the construction of Sumner Apartments, a 162-unit garden-style multifamily community located at 16017 60th Street in Sumner, Wash. Construction on the project commenced in May 2022 with completion anticipated for Q3 2024.
Jake Leibsohn, Senior Vice President of Northmarq’s Seattle-based regional office, arranged the preferred equity investment between PCCP and Timberlane Partners, and sourced the project’s $35.5 million senior construction loan through a regional bank.
Situated on 5.7 acres, the garden-style property will total 162-units spread across nine, three-story, residential buildings and one community clubhouse and amenity center. The property will include a pool, covered BBQ’s, a dog park, a picnic area, electric car charging stations, and bike parking. The unit mix includes studios, one-bedrooms, and two-bedrooms. Unit interiors at the property will feature vinyl flooring, triple pane windows, stainless steel appliances, walk-in closets, quartz countertops, full-size washers and dryers, and private patios and balconies.
“PCCP views this preferred equity investment as an attractive opportunity to finance the construction of a Class A, garden-style apartment community that is well located in a high performing Puget Sound submarket,” said Dorian Farhang, Senior Vice President with PCCP. “Pierce County has continued to see strong renter demand and not enough new housing to support the growing population.”
Young professionals and families, among other renter profiles, will likely be attracted to Sumner Apartments as the new community will provide a convenient location within a highly rated school district and attainable rents relative to more expensive areas of the Seattle MSA. Sumner, Tacoma, and other municipalities within Pierce County have benefitted from renters migrating out of the Seattle Metro in search of more affordable housing options that provide convenient access to the region’s largest employment hubs. Sumner Apartments is 0.4 miles from the Highway 410 on-ramp and 1.5 miles from the Sumner Sound Transit Station, which will provide commuting residents convenient access to employment nodes such as Tacoma (20 minutes), Seattle (45 minutes), and Bellevue (50 minutes).