Seattle-based Goodman Real Estate sold three South Sound apartment properties for $102.6 million in deals recorded by Pierce County on Tuesday.
The three properties include the 157-unit Heatherstone at 1809 105th St. Court S. in Tacoma ($28 million); the 120-unit Miramonte at 11216 18th Ave. S. in Parkland ($20.6 million); and the 280-unit Monterra at 416 111th St. Court E. in Tacoma ($54 million).
The buyers are Bellevue-based American Capital Group and Artemis Real Estate Partners of Chevy Chase, Maryland.
An Institutional Property Advisors team made up of Ryan Harmon, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino represented both parties in the transaction.
Goodman has owned the three properties since 2003, when it acquired them from Pierce County Housing Authority for a total of $25 million. The developments were constructed in the early 1990s but were renovated in the mid-2000s after Goodman acquired them.
The buyer said its decision to acquire the properties aligns with its mission “to provide quality workforce housing while enhancing value through targeted renovations.”
“With 557 units in Tacoma, we saw an attractive opportunity to expand our portfolio in a high-demand area allowing us to add well-located workforce housing at a favorable basis,” B.J. Kuula, CEO of American Capital Group, told the Business Journal. “We are committed to making strategic capital improvements, both exterior and unit renovations, to ensure these properties continue to meet the needs of residents and contribute positively to the community.”
Goodman Real Estate specializes in multifamily and commercial real estate. It has nearly 100 apartment communities in several states, including some affordable housing properties.
This is the real estate investor’s second sizable disposition so far this fall. In late September, GRE sold Driftwood Apartments in Kent for $92.7 million.
A representative from GRE has not yet responded to a request for comment.