TACOMA, WA—Hendricks-Berkadia tells Globe Street that it has completed the sale of Chelsea Heights, located at 603 J Street in Tacoma.
The 78-unit apartment community was sold for $18,800,000 or $241,026 per unit. Built in 2010, the four-story, Class A apartment community offers one- and two-bedroom floor plans. The seller was SP Chelsea Heights L.P. of Seattle, a joint venture between Security Properties, Inc. and Real Estate Capital Partners. The Buyer was CR Chelsea Heights Communities LLC of San Diego, an entity controlled by ColRich Multifamily.
The transaction was negotiated by Kenny Dudunakis of the Seattle office of Hendricks-Berkadia, and Jim Jensen of the Tacoma office of Hendricks-Berkadia.
The Seattle metro-area vacancy rate fell 20 basis points to 3.8% by the end of first quarter. Rents increased 5.4% year over year, reaching $1,080 per month.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
