The largest apartment community in Pierce County and the fourth largest in the entire Puget Sound region has been sold for $64.5 million, according to the real estate advisory agency involved in the transaction. JRK Investors purchased the multifamily asset to add to its more than 180 multi-family properties across the nation.
The Westridges, a 714-unit, 62-building apartment community located at 2602 Westridge Avenue West in University Place was completed in 1991. The 62-building community sits on a 37.15-acre site and features indoor and outdoor heated swimming pools, a community clubhouse, hot tub, basketball and racquetball courts and fitness center. It is just three miles from Chambers Bay Golf Course, host to the 2015 U.S. Open golf tournament.
“This offering provided investors an opportunity to own not only the largest, but also one of the best multifamily assets in Pierce County,” said David Young, managing director for Jones Lang LaSalle, which handled the transaction. “On top of its sweeping views of Puget Sound and ideal location, The Westridges also offers upside potential through cosmetic renovations.”
This acquisition is a strong one for JRK Investors as the Seattle region features some of the lowest vacancy rates and the highest rent growth in the nation right now.
Young and Senior Vice Presidents Corey Marx and Seth Heikkila led the Jones Lang LaSalle team on this transaction.