Willow Springs Apartments, a 154-unit apartment complex in Puyallup, has been sold to an individual investor based in Bellevue.
According to public records, Gordon Tang has purchased the complex for $33.8 million — nearly $220,000 per unit. The seller was Zanner LLC, affiliated with Puyallup’s James Zanner.
The sale was reported by commercial real estate investment services firm Marcus & Millichap.
“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,” says Timothy Ufkes, senior vice president investments in Marcus & Millichap’s Seattle office.
Built in 1996 on 8.6 acres at 608 39th Ave. SW in Puyallup, the property is across the street from a Pierce County Transit terminal and South Hill Mall.