A real estate investment firm sold three apartment complexes in the Parkland neighborhood of Tacoma, south of Seattle, in one of the largest multifamily sales of the year.
Goodman Real Estate, based in Seattle, sold the Monterra, Miramonte and Heatherstone apartments for $102.6 million to American Capital Group, based in Bellevue, according to Institutional Property Advisors, a division of brokerage Marcus & Millichap that arranged the sale.
The deal comes as multifamily sales have picked up across the Puget Sound region since last summer as borrowing costs start coming down and investor interest picks back up, according to CoStar analytics.
Roughly $2.3 billion in apartment properties sold in greater Seattle in the first three quarters of this year, higher than the $1.7 billion for the nine-month period last year.
Monterra, a 280-unit complex with one-, two- and three-bedroom floor plans at 416 111th St. Court E., was built in 1990.
The 157-unit Heatherstone complex at 1809 105th St. Court S. opened in 1993, and Miramonte, which is 120 units, was build in 1991.
Goodman bought the portfolio in 2003 for $25 million from the Pierce County Housing Authority, CoStar records indicate.
For the record Giovanni Napoli, IPA executive director. Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, Goodman Real Estate and procured the buyer, American Capital Group.