Q2 2012 Tacoma, Washington Apartment Property Sales Analysis

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Q2 2012 Tacoma, Washington Apartment Property Sales Analysis


Two second quarter sales fetching a combined total of $11.7 million brought the year-to-date total to $67.6 million for four transactions. Year-to-date average selling price and mean cap rate were $59,000 per unit and 6.1%. The 12-month rolling cap rate per quarter-end was 5.8%, down from 7.2% a year earlier. In the latest quarter’s largest transaction, second-largest in a year, Narrows Pointe Apartments LLC paid Tanara Villa Associates No. 1 LLC $5.88 million ($65,343 per unit) for the 90-unit Narrow Pointe Apartments at 2545 N. Narrows Drive, Tacoma. The deal closed in April at a 6.2% cap rate. The Class B/C property was built in 1969.