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December 12, 2018
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WA Multifamily Property Acquired for $33.8 Mil by Exchange Buyer


A 1031 exchange investor paid $33.8 mil for Willow Springs Apartments, a 154-unit ($220k/unit) apartment complex in Puyallup, WA. Built in 1996, the property sits on 8.6 acres at 608 39th Ave SW.

Willow Springs Apartments is a fully gated complex with a unit mix of one-, two- and three-bedroom apartments. The amenity package includes a fitness center, swimming pool, Jacuzzi, playground, and car wash stations.

The property is across the street from a Pierce County Transit terminal and South Hill Mall, one of the area’s major retail destinations. Access to Interstate 5 and Washington State Highway 512 is nearby, as are the Good Samaritan Hospital, the Washington State Fair, Pierce College, and Rogers High School.

Timothy Ufkes, Evan McLeod and Jordan Smith with Marcus & Millichap represented the buyer and the seller, a private partnership. According to Ufkes, the property is in an area that has shown considerable rent growth, which can be attributed to a strong and growing local economy, steady multifamily investment activity, a shortage of new supply and the propensity to rent instead of purchase.

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