Sunrise Apartments
Sunrise Apartments
Steelhead Investments Provides Advisory Services on $4.5 Million Apartment Building in Tacoma, Washington
Steelhead Investment Advisors is pleased to announce the sale of the Sunrise Town Homes located in Tacoma, Washington. The property consists of 75 units housed in five, two-story wood framed, walk-up buildings constructed in 1971. The property had some areas of deferred maintenance, but was in good condition overall, as it was renovated in 2004.
Multifamily Investment Highlights:
- $4,260,000 Sale Price
- Closed October 2006
- 8.4% Proforma Cap Rate
- 93% Occupancy at time of sale
- Buyer assumed existing debt
Apartment investors will find that the Tacoma rental market is strong. Southeast Tacoma, especially, has been at the center of a tremendous revitalization due to the Salishan project; a $200 Million mixed-use development. This project includes 1,270 new affordable single-family homes and rental apartments designed around community facilities like an education and technology center as well as a health clinic, retail stores and neighborhood amenities. Salishan-Phase One was completed in late 2005 and included 270 rentals and 120 homes on 40 acres. The remainder of the project is scheduled to be completed by 2010 and is expected to completely revitalize southeastern Tacoma.
Steelhead Capital Investment Advisory Services specializes in the disposition and acquisition of multifamily investment opportunities. Contact us today to learn more about how Steelhead can help you maximize your investment portfolios.
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