Three apartment sites in the Parkland area recently gained new owners after more than 20 years.
On Wednesday, Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of three multifamily properties totaling 557 units.
The properties are Monterra Apartments, 416 111th St. Ct. E., Miramonte Apartments, 11216 18th Ave. S., and Heatherstone Apartments, 1809 105th St. Ct. S. The seller was Goodman Real Estate of Seattle, which purchased the apartment properties in 2003 from the Pierce County Housing Authority.
Bellevue-based American Capital Group purchased the sites for a total of $102.6 million. The sales were recorded Nov. 12. “Located in a multifamily market with one of the largest housing imbalances in the nation, these acquisitions provide the buyers with opportunity to capitalize on embedded rental and operational upside,” said Giovanni Napoli, IPA executive director, in Wednesday’s news release. The sites are near state Route 512, and each property dates to the early 1990s. Goodman Real Estate is perhaps most recently known in Tacoma for its redevelopment of the former Kmart site on Sixth Avenue, which is now Gage on Sixth. That complex officially opened the first phase of its hundreds of units in May.