American Capital Group Acquires Tacoma Trio for $103M
Together, the communities total upward of 500 units.
American Capital Group has acquired three multifamily properties in Tacoma, Wash for $102.6 million. The seller was Goodman Real Estate. Totaling 557 units, the communities are the Monterra, Miramonte and Heatherstone.
Built in 1990, Monterra is a 280-unit property with one-, two- and three-bedroom apartments featuring vaulted ceilings, fireplaces and in-unit washers/dryers. An outdoor swimming pool, BBQ area and a clubhouse with a spa and indoor pool are among the amenities. The sale price was $54 million, Yardi Matrix data shows.
Constructed in 1991, Miramonte is a 120-unit community. Its one-, two- and three-bedroom apartments feature fireplaces, large kitchens and walk-in closets. A fitness center, pool and outdoor fireside lounge are among common-area amenities. The sale price was $20.6 million, according to Yardi Matrix data.
Heatherstone Apartments was primarily completed in 1993 and features 157 units across 11 buildings. The apartments feature private balconies or patios, private storage and in-unit washers/dryers. Common-area amenities of the community include a dog park, heated outdoor pool and a clubhouse. The sale price was $28 million, according to the same data.
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The Monterra, Miramonte and Heatherstone Apartments are located at 416 111th Street Court East, 11216 18th Avenue South and 1809 105th Street Court South, respectively.
Institutional Property Advisors, a division of Marcus & Millichap, arranged the sale, representing the seller and procuring the buyer.
“During the time we were under contact, there was extreme volatility in interest rates,” Ryan Harmon, senior associate with IPA, told Multi-Housing News.
Harmon noted that the 10-year swung from 4.15 percent to 3.65 percent, and then back up to 4.45 percent, causing many transactions during that time to be renegotiated or dropped.
“The buyer our team ultimately brought to the table was well capitalized and was able to assume the seller’s existing loans, which had extremely attractive terms relative to what’s available in the market today,” Harmon said. “While the assumption process can be time consuming and sometimes difficult, the buyer had a lot of experience with loan assumptions and was able to get all three done seamlessly without renegotiating the original terms of the deal.”
Last month, an affordable housing community roughly 15 miles south of downtown Tacoma opened its doors. Copper Way features 256 units that are reserved for households earning up to 60 percent of Area Median Income. Floorplans feature one- to four-bedroom layouts ranging from 801 to 1,389 square feet.
