Multifamily Facility Trades Hands

TACOMA-Nob Hill Apartments has sold for $3.6 million.The seller was Fowler Flanagan of Larkspur, Calif. The buyer was New Woodland HillsCorporation of Greenwood Village, Colo. The transaction was negotiated by Kenny Dudunakis of the Seattle office of Hendricks & Partners.

In April, Hendricks & Partners also brokered the sale of Sunset Vista Apartments in Renton, a $5.5-million deal, and University Glen Apartments, near Tacoma, for $4.1 million.

All sales seem to uphold the theory boasted by Thomas Wick, managing member of Base Capital LLC, that in the right niche multifamily continues to do well. Despite the loss of Boeing and other jobs, Wick told Globest.Com this spring he was seeing signs of strength in some of Puget Sound’s outlying areas.

Wick said that Base Capital is currently constructing about 1,000 apartment units in a total of six projects (Lynwood, South Everett, Mill Creek, Bainbridge Island, Covington and Puyallup) and he expects there to be no problem with occupancy.