Redeveloped corner on Tacoma’s Sixth Avenue just sold for $46.2M. Here are the details
Sixth Avenue’s first significant apartment development in recent years has sold to a group of Seattle-based LLCs representing a family real estate venture.
Sixth & Alder Apartments, 3118 6th Ave., sold for $46.2 million to three listed LLCs, all variations of Tacoma Apts LLC, connected to Brian, Nancy and Samuel Yee of Seattle. The seller was 6th & Alder Partners of Tacoma, led by developer Kirk Rector, principal of Tacoma’s Affinity Real Estate Management.
The transaction was recorded Aug. 3.
County records show Brian Yee also was represented through different LLCS that sold two older Tacoma apartment sites earlier this year, The Pennington, 702 Martin Luther King Jr. Way, and The Vintage, 518 S. Seventh St., for a combined $19.4 million.
The Sixth & Alder corner was purchased for development in 2009 for $1.1 million, with original plans calling for a smaller version. Plans for its ultimate deign were submitted in 2016, which called for some site demolition, including the original Trapper’s Sushi site. The new building became the new home for the restaurant.
The building opened for tenants in 2021. The 111-unit building includes a dog-washing station, EV charging, fitness center and rooftop putting green, among other amenities, according to Kidder Mathews in its announcement of the sale.
Kidder Mathews structured the off-market sale representing the buyer.
In addition to Trapper’s, the site includes other ground-level commercial/retail space.
According to the apartment’s website, the units come in more than 35 floorplans and configurations, ranging from studios to two-bedrooms.
Rents start at $1,300 for studios (430-700 square feet) and go to $2,480 for two-bedrooms (910-1,130 square feet), according to information on the website.
The sale comes after several high-priced apartment transactions in recent months, including Coventry Court IV Apartments, 908 76th St. Ct. E. in Tacoma, which sold for $21.15 million in June; and Terra Heights, 2325 S. 96th St. in Tacoma, which sold for $54 million April.
“The sale of the 6th & Alder apartments demonstrates yet another example of tremendous investor activity in the Tacoma market,” Kidder Mathews senior vice president Austin Kelley said in the release. “Tacoma has seen some of the highest year-over-year rent growths in the Puget Sound Region.”
One report indicates that growth is slowing down.
According to the August report from Apartment List, a listings and data service, year-over-year rent growth in Tacoma is at 6.2 percent, compared with 19 percent at this time last year.
It noted that rents in Tacoma are up by 25.9 percent since the start of the pandemic in March 2020.
