TACOMA, WA - Lowe Enterprises Investors, in joint venture with First Capital Advisors, has acquired the Deer Creek Apartment Homes, a 256-unit apartment community located at 6115 111th Street East in Puyallup, Washington near Tacoma. The 18-acre, 21-building garden-style property was built in 2000.
“Puyallup is a growing area that offers quality housing at reasonable prices to working families of the Tacoma and Seattle areas,” said Brad Howe, co-CEO of LEI. “We will undertake significant unit upgrades and renovations to the common areas while also improving operations and enhancing service.”
The 95 percent occupied property features a mix of one-, two- and three-bedroom units, many with fireplaces and full-sized washer/dryers, all with patio or balcony. Amenities at the property include a fitness center, heated pool with sundeck, tanning salon and a children’s play area. LEI and FCA will renovate unit interiors with upgraded flooring and finishes, new appliances and enhance the common areas including the club house, parking lot, roofs, playground and landscaping.
“Puyallup enjoys a low vacancy rate and a strong, diversified employment base,” said Andy Sands, Managing Director of LEI and head of the firm’s multifamily activities. “The superior school district makes it a desirable choice for families.”
Located at the base of Mt. Rainier, just 10 miles outside of Tacoma and 35 miles south of Seattle, Puyallup is convenient to major highways and transportation lines as well as a variety of shopping destinations and restaurants. The community’s unique placement provides the feel of rural living with the advantage of urban amenities. Originally an agricultural community, the local economy is now sustained by the services, manufacturing and retail/wholesale trade industries The Joint Base Lewis-McChord military facility and Boeing are major employers for area residents.
Greystar has been retained to manage the Deer Creek Apartment Homes. Jones Lang LaSalle represented the seller in the transaction.
The transaction is the latest in LEI’s active expansion of its multifamily investment portfolio in select markets across the country. The firm continues to seek multifamily and commercial acquisition and development opportunities nationwide.