Pacific Northwest Properties Continue to Draw Investors

A Tacoma area apartment community was recently snapped up by a new joint venture.

Deer Creek Apartment Homes in Puyallup, WA was recently acquired by a partnership consisting of Lowe Enterprises Investors and First Capital Advisors. Jones Lang LaSalle advised seller Matteson Companies during the completion of the deal. The new owner will keep on Greystar as the property manager for the community.

Deer Creek Apartment Homes

Deer Creek Apartment Homes

Located at 6115 111th St. E. in Puyallup near Tacoma, the 15-year-old residential community benefits from great placement at the base of Mt. Rainier. Consisting of 21-buildings, the garden-style property offers 256 apartments, only 5 percent of which are currently vacant. The property’s unit mix is made up of one-, two- and three-bedroom units that offer features such as fireplaces, full-sized washer/dryers, as well as patios or balconies. The average size of an apartment at the community is 895 square feet.

Residents at Deer Creek Apartment Homes have access to an amenity package that includes a fitness center, heated pool with sundeck, tanning salon and children’s play area. The community also offers 292 grade level parking spaces.

According to real estate data provider Yardi Matrix, the Pacific Northwest is performing at the best parameters in the entire country in terms of rent growth, with the Seattle and Portland metros recording double digit rent appreciation in 2015.

Image courtesy of Yardi Matrix