Vista Del Rey Apartment Building In Tacoma Sells For $25.7M
VDR Investment Homes LLC recently purchased the 17-story, 130-unit Vista Del Ray apartment building in Tacoma’s Stadium District for $25.7M. The apartments range in size from 350 SF to 725 SF and are currently renting for $705 to $900 per month.
The sale includes an adjacent 0.67 acres of land that can accommodate another 130 units.
The new owners plan to renovate the building, but will maintain its midcentury style. Tyroda specializes in value-add and opportunistic investments in the multifamily sector.
Tacoma is undergoing a massive renovation with the addition of the Historic Brewery District. The downtown core — once known for crime, the homeless population and gang activity — has seen a renaissance thanks, in part, to the growth of the University of Washington Tacoma campus.
Pierce County, in which Tacoma is located, leads the region in industrial growth. In the fourth quarter of 2018, 94% of the new industrial supply was added in that county. The area generates high demand from clients looking for its easy access to the Port of Tacoma, as well as the I-5 corridor.