Two prime multifamily investment opportunities have been listed for sale in the cities of Tacoma and Lakewood. According to the Kidder Mathews marketing brochure, which has the listing, the first property is known as Arrowhead Park Apartments and consists of 42 residential units totalling 39,340 square feet across four buildings located at 10701 109th St.SW in Tacoma. The second listed asset is known as Wonderland Apartments and has 10 units that span a total of 9,340 square feet over six buildings located at 14402 Washington Ave. SW in Lakewood. The listed price for Arrowhead is $8.5 million, or approximately $202,300 per unit, while Wonderland is offered at $2 million, or $200,000 per square unit. The properties can be purchased separately or together.
The Kidder Mathews team leading the marketing effort for both properties consists of Executive Vice President Dylan Simon and Associate JD Fuller. Public property records show the assets are owned by entities affiliated with Yuan Zhang.
The marketing brochure shows that Arrowhead Park Apartments was originally constructed in 1968. The average unit size is 937 square feet and the property offers a pro forma cap rate of 7.5 percent. Wonderland Apartments was built in 1942 with the average unit size being 934 square feet. The pro-forma cap rate for this property is 6.7 percent.
The Registry recently reported on multifamily developments of similar size that have also been listed for sale in Seattle. One such offering is The Villa Flora Apartments, a mixed-use property in Seattle’s Northgate neighborhood, which is on the market for $9.9 million. The complex is located at 12317 15th Ave NE and includes 31 residential and five commercial units, according to a marketing brochure from Kidder Mathews. Priced at approximately $319,354 per unit, the property offers an in-place cap rate of just over five percent, with potential to reach a market cap rate of 7.1 percent and a renovated cap rate of 8.7 percent.
Source: news.theregistryps.com
