Tacoma site that got tax break in 2019 for market-rate units sells for more than $35M
A newly completed downtown apartment project has changed ownership again.
A group of townhomes also has sold in a separate transaction.
On April 21, Caesar’s Luxury Apartments, 308 Tacoma Ave S., sold for $35.35 million to RGPD LLC, whose officials are affiliated with Dobler Property Management of Tacoma.
The seller, Caesar’s Luxury Apartments LLC, is affiliated with Barcelo Homes of Mercer Island.
The site received an eight-year multifamily property tax exemption with initial developer Glasshouse Two in 2019. Eight-year MFTEs do not require rent-restricted units, allowing development of all market-rate apartments.
The Caesar’s LLC purchased the property in September 2020 from Glasshouse Two for $3.5 million.
The seven-story, 131-unit building, completed this year, has 66 parking stalls. According to its listing on apartments.com, rents range from $1,389 for studios to $2,557 for a two-bedroom, one-bath unit.
A separate sale involved a property developed during the Great Recession.
Pine Street Townhomes, built in 2008, became a bank-owned property in December 2009, selling the following year for a little over $5.9 million. It last sold in January 2018 for just over $10 million.
On April 13, the property at 2901 S. 45th St. sold for $17 million to Pine Street Townhomes LLC, affiliated with Ethos Development of Portland, and Lombard Equities Group of San Francisco.
The seller was two LLCs affiliated with a San Diego-based real estate investment entity.
Rents for the 53 units range from $1,995 for two-bedroom units to $3,095 for four-bedroom units.
