Equus Capital JV Pays $46M for Tacoma-Area Asset

Walker & Dunlop provided $28.6 million in acquisition financing.

Sierra Sun Apartments

Sierra Sun Apartments. Image courtesy of Yardi Matrix

A joint venture between Equus Capital Partners and a public pension plan has acquired Sierra Sun Apartments, a 150-unit multifamily community in Puyallup, Wash., in the Tacoma area. Hamilton Zanze & Co. sold the asset for $45.8 million, according to Yardi Matrix data. The transaction involved a $28.6 million Fannie Mae loan originated by Walker & Dunlop, the same data provider shows.

Completed in 2003, the garden-style property comprises 20 two-story buildings with one-, two- and three-bedroom floorplans ranging from 795 to 1,387 square feet. Apartments feature fireplaces, in-unit washers and dryers, walk-in closets and private balconies or patios.

Community amenities include a swimming pool, fitness center, dog park and tanning booths, along with a 8,500-square-foot clubhouse. Equus Senior Vice President Rob Butchenhart said, in prepared remarks, that the company plans to implement a $2 million rebranding program at the property that also includes interior and exterior upgrades.

Located at 12415 172nd St. E., the 17.4-acre property is some 22 miles from Tacoma and roughly 40 miles south of Seattle. High Cedars Golf Club is less than 8 miles away.

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