September 14, 2020
Westminster Towers, a 139-unit multifamily complex in Tacoma, traded hands for $28 million, which translates to $201,439-per-unit. The apartment community is located at 10925 Park Ave South.
Marcus & Millichap’s Timothy Ufkes and Evan McLeod represented the seller, an undisclosed local developer, and procured the buyer, an unnamed private investor in a 1031 exchange.
Ufkes says, “Westminster Towers is an institutional-quality value-add property that has received many interior renovations over the past two years.”
Built in 1997, the property is located immediately off State Route 512 and Interstate 5 near South Hill Mall, Tacoma Mall, Pacific Lutheran University, and McChord Air Force Base. The fully gated apartment complex has studio, one-, two- and three-bedroom apartments with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, a garage and covered space parking.
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