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Lakewood Apartment Building Sells For $18.05M

The James apartment in Lakewood changes hands for $18.05M.

The James apartment community in the South Sound city of Lakewood recently sold for $18.05M. The 144-unit, garden-style complex is at 4828 123rd St. SW near Joint Base Lewis-McChord. The property has easy access to Interstate 5 as well as the South Transit Lakewood station.

The 14-building complex is near I-5 and has studio, one-, two- and three-bedroom units averaging 731 SF. The buildings were constructed in 1976 and have undergone several improvements over the years, including siding replacements, common area updates, balcony enclosures, a resurfaced parking lot, clubhouse and fitness center renovations, and upgrades to approximately 50 units.

HFF represented the seller, FPA Multifamily LLC, and procured the buyer, Watt Cos. The HFF investment advisory team representing the seller included Senior Managing Director Ira Virden and Director Christopher Ross.