Cypress Equity Completes Tacoma Project
The 186-unit community broke ground in late 2017.
National multifamily developer Cypress Equity Investments (CEI) has completed Hailey, an apartment community in the historic Stadium District of Tacoma, Wash. Located at 1210 Tacoma Avenue S. at 13th St., the 186-unit property broke ground in late 2017 and received its certificate of occupancy in October of 2021.
Designed by Studio 19 Architects of Seattle, Hailey features studio, one- and two-bedroom floorplans. Features and finishes of apartments include custom cabinetry, quartz countertops, tiled backsplashes, in-unit washers and dryers and, in select floor plans, private balconies and outdoor terraces. A rooftop amenity deck featuring lounge seating, barbecue stations and fire pits is among top amenities.
“At CEI, we have been actively expanding our development portfolio in leading markets across the country, so the Pacific Northwest was a natural target market for us,” Michael Sorochinsky, CEI founder & CEO, told Multi-Housing News.
“Hailey was an opportunity too good to pass up. Already entitled and under construction, Hailey was in need of an investment and development partner. And with our involvement we’ve been able to bring this beautiful property to completion,” he added.
Hailey’s design was intended to harmonize with its historic surroundings. Within that design, metals, natural woods and stucco of the kinds found throughout the Tacoma harbor area are woven together along with consistent use of contemporary colors.
With the intention of maximizing natural light and indoor-outdoor living area, the structure is separated into a pair of interconnected blocks. The Rush Cos., based in nearby Gig Harbor, served as general contractor.
In a statement, CEI officials reported being delighted with the collaboration it forged with the city of Tacoma. The company announced it is actively pursuing future development opportunities both in the local area and in the greater Puget Sound region.
The Stadium District of Tacoma is considered a downtown enclave of the city. The district features Victorian homes and bay views, along with a variety of dining, shopping, banking and entertainment options. The University of Washington Tacoma is approximately one-half mile from the district.
“By virtue of the timing of our acquisition during the construction process, the only challenge of note has been the supply chain issues facing all developers,” Sorochinsky said. “While there were some minor delays, we managed to navigate any larger disruptions by pre-sourcing materials from multiple local providers to ensure we could maintain an aggressive schedule.” Earlier this month, Griffis Residential acquired a Seattle waterfront community.