TruAmerica Multifamily has acquired The Dakota, a 156-unit garden-style apartment community in Lacey, Wash., a suburb of Olympia for $54 million. The 15-year-old institutional quality asset brings the number of multifamily units in TruAmerica’s Puget Sound portfolio to approximately 2,300 units.
Located at 6205 Pacific Avenue SE, the property benefits from numerous demand drivers including its proximity to the state capital and the Joint Base Lewis-McChord Air Force Base, home to more than 45,000 service members and civilian workers. The local economy, once largely dependent on government and healthcare has been rapidly diversifying, as companies in manufacturing, life sciences, professional services and technology relocate to the area for its downtown waterfront and business friendly environment. The property lies within a five-mile radius of 34 companies with at least 300 employees.
The Dakota features a unit mix of one- and two-bedroom apartments with open-concept floorplans and an average unit size of more than 1,000 square feet. The Dakota offers a broad array of community amenities including a swimming pool and spa, playground and a fully equipped clubhouse with fitness center, TV theater room and game room.
The Dakota represents an attractive value add opportunity for TruAmerica as nearly 60% of the apartment homes have not been significantly renovated since the property was built in 2006, according to Associate Director Wesley LaBar, who along with Co-Chief Investment Officer Matthew Ferrari led the acquisition team.
“The Dakota offered everything we look for in an investment including a strategic location near major employment centers, excellent schools and a strong social infrastructure,” said LaBar. “With a major presence in the Puget Sound, we will be able to take advantage of economies of scale to improve the property, and still keep rents affordable compared to newer and more expensive properties among the competitive set.”
Ben Johnson, David Sorensen, George Pallis and Kenny Dudunakis in Berkadia’s Seattle office marketed the property on behalf of the seller, a Bellevue-WA-based private investment firm.
