Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Caesars Luxury Apartments, a newly built, 131-unit multifamily property in Downtown Tacoma, Washington. The $35.35 million sales price equates to $269,847 per unit and $574 per square foot.
“Built by Barcelo Homes in 2023, the property is a boutique, transit-oriented apartment asset located within walking distance of Tacoma’s future Link Light Rail expansion,” said Nick Ruggiero, IPA associate. Ruggiero and IPA’s Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller, Barcelo Homes. Kathryn Dobler of Tacoma-based Dobler Management brought in the buyer, RGPD LLC.
Caesars is centrally located and within walking distance of multiple shopping, dining, and entertainment venues, including Stadium Thriftway, Rankos Pharmacy, McMenamins, the Grand Cinema, and many theaters. The property overlooks Wright Park and is within a five-minute walk of the Tacoma Link light rail expansion that will help connect future residents to Downtown Tacoma and the Tacoma Dome.
“Caesars appeals to an affluent renter profile and benefits from a surrounding population of 220,000 with a median age of 32 and an average annual household income of $96,000,” added Assouad.
The property offers a collection of studio, urban one-bedroom, traditional one-bedroom, and two-bedroom homes. The building exterior is made up of modern two-tone siding accented with wood panel veneers and oversized floor-to ceiling windows. Community amenities include a rooftop deck with expansive green space, a resident lounge, bike storage and maintenance room, and parking garage with electronic vehicle stalls. All apartments feature stainless-steel appliances, custom lacquered cabinets with brushed nickel hardware, quartz countertops with undermount sinks, luxury vinyl plank flooring throughout, electronic thermostats, and keyless entries. Select units have private decks or Juliet balconies, and most apartments have views of Commencement Bay, Mount Rainier, or Wright Park.