The newly built Grand Pacific apartments, 7015 S. D St., sold Nov. 12 for $33.5 million.
Pierce County Assessor-Treasurer Information Portal
Two recent apartment sales once again highlight the price hike imposed by Tacoma sites.
▪ Grand Pacific Apartments, 7015 S. D St., an $11 million construction project launched in 2019, replacing historic Pacific Lanes Bowling, sold Nov. 12 for $33.5 million to Grand Pacific Apartments LLC of Tacoma, run by Paul Lin. The seller was Grand Pacific LLC of Tacoma, led by Kenneth Rody.
Prior to the redevelopment, Pacific Lanes had operated for approximately 60 years.
Rody purchased the bowling center for demolition and redevelopment for $2.5 million, according to county sales records, from William Hamilton, who had owned and operated Pacific Lanes since 1992.
The site consists of 134 one- and two-bedroom units, a mix of market-priced and affordable apartments. He qualified for a 12-year multifamily property tax exemption in 2019.
The redevelopment of the site was controversial, with neighbors and the developer at odds over traffic, air quality and noise issues relating to both the demolition of the bowling center and the construction of apartments.
Ultimately, construction was completed and apartments opened earlier this year, with rents starting at $1,210 for a one-bedroom apartment and $1,475 for a two-bedroom apartment, according to its Facebook page. .
▪ The Avery on Pearl, 1202 N. Pearl St., Tacoma, sold Oct. 25 for $98 million to Los Angeles-based investment firm TruAmerica Multifamily. The seller was San Diego-based CA Pearl Street Owner LLC.
The three-story complex built in 1989 has 330 one- to three-bedroom units, with rents ranging from $1,440 to $2,330, according to apartmentfinder.com
According to the Pierce County Assessor-Treasurer portal, the site’s assessed value is $43.8 million.
The property was last sold in 2015 for $30.5 million, according to county sales records.
According to TruAmerica’s website, the investment firm plans to renovate all units “to a consistent, upscale level of finish, creating an upscale feel for future residents.”
He said: “TruAmerica also plans to make targeted upgrades to exteriors and amenity spaces. Amenity upgrades will include pavilion renovation, landscaping, playground renovation, outdoor pool deck expansion, indoor pool renovation, sports field repurposing to pickleball and park for dogs, pool furniture, signage, exterior painting, barbecue grills, exterior lighting, and fitness center upgrades. . These renovations will improve the current lifestyle of residents and enhance the curb appeal of the property. »
The purchase was TruAmerica’s 19th in the Seattle Metropolitan Statistical Area and the 26th purchase of 2021.
The company previously owned The Townhomes at Mountain View in Puyallup, purchased in 2019, and recently sold the townhouses to Los Angeles-based Oaktree Capital Management LLC.
This story was originally published November 18, 2021 5:00 a.m.