Tacoma Asset Trades for $24M in 1031 Exchange

Tanara Villa

BlackRock Communities has acquired Tanara Villa, a 130-unit community in Tacoma, Wash., according to Yardi Matrix data, for $24.1 million. The same source shows that Yuksel was the seller. Marcus & Millichap represented the previous owner and procured the buyer in the 1031 exchange deal. The property is subject to an $18 million loan originated by Sound Community Bank.

The community comprises 130 one-bedroom units across five buildings. The property features a clubhouse, a dog park, four on-site laundry facilities, 113 parking stalls and a standalone rental office. Tanara Villa dates back to 1969 and spans roughly four acres.

The controlled-access property is located in the West Slope neighborhood of North Tacoma, at 6332 North 26th St. The community is near Interstate 5 and State Route 16, offering access to outdoor recreation venues such as Point Defiance, Highlands Gold Course, Titlow Beach and Ruston Way. Tanara Villa is also within walking distance of the Westgate North Shopping Center, as well as other dining and retail options.

Marcus & Millichap First Vice President of Investments Kellan Moll and Senior Vice President of Investments Scott Morasch marketed the property, which was on the market for the first time in 42 years. The former ownership operated the property as a 55-plus senior housing asset, but BlackRock Communities can convert Tanara Villa to a market-rate property with no age restrictions, Moll said in prepared remarks.

Recently, Marcus & Millichap brokered the $32.2 million transaction of two multifamily communities totaling 218 units in Decatur, Ga.