Affordable Tacoma Community Changes Hands
This is the first time the 1970s-built property has traded.
In an effort to combat affordable housing challenges, the Pierce County Housing Authority has purchased Hidden Firs, a 56-unit community in Tacoma, Wash., preserving its affordability. A private investor sold the asset for $10.4 million, according to Yardi Matrix data.
Kidder Mathews represented the buyer. This deal marked the first time the asset changed hands.
Funding for the acquisition included a $4.5 million permanent loan issued by Kitsap Bank, Yardi Matrix data shows. Additional capital took the form of a local $892,857 Housing Opportunity award. The latter was part of a $17 million investment by Pierce County made possible through a sales tax that collected one-tenth of 1 percent of sales.
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The property will maintain lower rents through HUD funding and vouchers, according to The News Tribune. Pierce County Housing Authority decided to purchase the asset because it requires no major rehabilitation and many of its residents are eligible for government assistance.
Located on 2 acres at 15008 A Street S., the community is roughly 13 miles south of downtown Tacoma. The 135-acre Spanaway Park, Sprinker Recreation Center and Bresemann Forest are within walking distance.
Hidden Firs debuted in 1979. The nine-building community encompasses one- and two-bedroom units ranging between 624 and 816 square feet. Apartments also feature private balconies or patios.
Kidder Mathews Senior Vice Presidents Austin Kelley and Ted Sipila represented the Pierce County Housing Authority in the acquisition.
Tacoma shows stronger investor interest
Metro Tacoma saw roughly 570 units trading for more than $82 million in the first quarter, according to Yardi Matrix data. During the same period of last year, only one community totaling 104 apartments traded. A private investor purchased the asset dubbed The Duo for $30.5 million.
Despite the low multifamily transaction volume registered at the start of 2024, investment gained traction, and the year wrapped up with $327 million in sales—a figure 19.8 percent higher than the one registered in 2023—the same data provider shows.
