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4/16/26
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Addison Grove, a 102-unit multifamily development site in Puyallup, WA, was acquired by Great Expectations SPC, is a Social Purpose Corporation with a focus on delivering affordable housing targeted to families within the local community. The property is located at 17753 78th Avenue East, just west of Hwy 161.
Addison Grove represents a rare, shovel-ready opportunity in one of the Puget Sound’s most actively growing suburban corridors. The site is positioned to meet surging renter demand driven by Frederickson’s expanding employment base, which includes major industrial and logistics tenants, healthcare facilities, and proximity to Joint Base Lewis-McChord (JBLM). With limited new multifamily supply delivering in the immediate submarket, the project is well-timed to capture strong lease-up fundamentals from day one.
Dylan Simon, JD Fuller, and Elijah Piper of Kidder Mathews’ Simon | Anderson Multifamily Team represented the seller and procured the buyer in the deal.
“Puyallup and Frederickson have quietly become one of the most compelling development targets in the South Sound,” said Dylan Simon, Executive Vice President at Kidder Mathews. “The combination of an expanding employment base, constrained supply, and a proven renter demographic makes Addison Grove an exceptional canvas for a well-capitalized developer.”
Frederickson sits at the southeastern edge of Pierce County’s primary growth corridor, benefiting from direct access to Highway 512 and SR-167 and strong commuter connectivity to Tacoma, Puyallup, and the broader I-5 corridor. The submarket has experienced accelerating in-migration from renters priced out of core Seattle and Tacoma markets, supporting above-average rent growth and low vacancy across existing multifamily inventory.
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