Affinity Investments Sells Upscale Tacoma Asset for $46M

Sixth & Alder. Image courtesy of Kidder Mathews

Kidder Mathews has arranged the sale of Sixth & Alder, a 111-unit luxury community in Tacoma, Wash., for $46.2 million. Kidder Mathews worked on behalf of the buyer, a private investor, in the off-market transaction. The seller was Affinity Investments, according to Yardi Matrix. According to Pierce County public records, the acquisition was financed by a $28.5 million loan held by HomeStreet Bank.

Completed in 2021, the property is located at 3118 Sixth Ave. and encompasses studio, one- and two-bedroom units between 430 and 1,130 square feet, equipped with digital locks, washers and dryers. Common-area amenities include a fitness center, EV charging, a rooftop putting green and 121 parking spots. The asset also includes some 7,400 square feet of retail space.

The luxury multifamily community is situated between University of Puget Sound and Franklin Park, 1.4 miles from Wright Park, 2 miles from downtown Tacoma and within 3 miles of MultiCare Health System. Located close to Interstate 5, the property offers access to Seattle-Tacoma International Airport and downtown Seattle, and major employers in the area such as Amazon and the University of Washington.

Kidder Mathews Senior Vice President Austin Kelley and Executive Vice President Ben Norbe worked on behalf of the buyer.

Kidder Mathews brokered another significant Tacoma-area sale earlier this year. The company represented both parties in the sale of Bella on Canyon, a 140-unit multifamily community in Puyallup, Wash. The Calida Group bought it for $50.2 million.