Marcus & Millichap Arranges $28M Seattle-Area Sale
- Sep 16, 2020
Marcus & Millichap has arranged the sale of Westminster Towers, a 139-unit community in Tacoma, Wash. The property traded for $28 million. Senior Vice President of Investments Timothy Ufkes and Associate Evan McLeod represented the seller, a local developer, and procured the buyer, a private investor in a 1031 exchange.
Built in 1997, Westminster Towers comprises studio, one-, two- and three-bedroom apartments with washer/dryer units. Common-area amenities include a clubhouse, fitness center, swimming pool and gazebo. The property also has 353 parking spaces.
Located at 10925 Park Ave. S., on approximately 7 acres, the five-building asset is 3 miles from Interstate 5. The surrounding area has several retail and dining options, including Tacoma Mall, which is within 5 miles of the asset. Westminster is also 1 mile from Pacific Lutheran University and 7 miles from downtown Tacoma.
In August, another Marcus & Millichap completed the sale of The Colony, a 179-unit community in Irving, Texas. Capital Vision Management sold the asset to a private investment group.