September 27, 2016
TPF Equity REIT Operating Partnership LP ended its hold on the 339-unit Lodge at Peasley Canyon in suburban Tacoma, WA. The seller disposed of the asset on 32200 Military Rd. S. in Federal Way, WA to Avanath Capital Management of Irvine, CA for $70.2 million.
The seller, a Hartford, CT-based private REIT, had acquired the property in 2011 for $51.8 million. The property delivered in 2004, offering a mix of one, two, and three-bedroom apartments, averaging 987 square feet. Avanath Capital Management is seeking out affordable residential opportunities, according to its website.
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