Alliance Residential has acquired a 9.69-acre development site within Lakewood Towne Center. The sale was brokered by Ross Klinger and Austin Kelley of Kidder Mathews, who exclusively represented the seller and led the full marketing process.
The site is slated for a 285-unit Class A apartment community—bringing new housing to one of the most centrally located and amenity-rich areas of the city. The project will include units under the City of Lakewood’s Multifamily Tax Exemption (MFTE) program, supporting broader goals around housing affordability and economic accessibility.
“In a market where most multifamily projects are stalled or shelved due to high interest rates and construction costs, our client was able to secure a full-price exit to a top-tier developer,” Ross Klinger, Executive Vice President at Kidder Mathews. “We’re grateful for the opportunity to represent them in a transaction of this caliber.”
The upcoming development is expected to activate a currently underused parcel and enhance the overall vitality of Lakewood Towne Center—one of the largest retail destinations in Pierce County. Anchored by Safeway, Target, Michaels, and a 12-screen AMC theater, the center also houses Lakewood City Hall and other public services.
“Having been born in raised in Lakewood, it’s exciting to see this underutilized property reach its full potential and bring much needed housing to the local market,” said Austin Kelley, Senior Vice President at Kidder Mathews. “This site checked all the boxes—location, scale, accessibility, and community momentum. It’s a great example of what thoughtful infill can do when it’s well-positioned and well-executed.”
The new apartment community will help address the growing housing demand in Lakewood, where only one new 100+ unit market-rate development has been delivered since 2011. The inclusion of MFTE units is a meaningful step toward increasing access to quality housing while supporting economic diversity in the city’s core. The project also reflects a broader regional trend as investors continue to prioritize infill sites in established, well-connected neighborhoods across the Puget Sound.
