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10/20/15
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A joint venture of Lowe Enterprises Investors (LEI) and First Capital Advisors (FCA) has acquired Deer Creek Apartment Homes, a 256-unit apartment community in Puyallup, WA. The property is located at 6115 111th Street East, about 12 miles southeast of Tacoma.
The 18-acre, 21-building garden-style property was built in 2000. Deer Creek Apartment Homes was 95% occupied at the time of sale. The 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.
The buyer plans to undertake significant unit upgrades and renovations to the common areas while also improving operations and enhancing service. The purchase price was not disclosed.
Greystar has been retained to manage the Deer Creek Apartment Homes. Jones Lang LaSalle represented the seller in the transaction.
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