ARA HANDLES $8 MILLION SALE OF PUGET SOUND-AREA APARTMENTS

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UNIVERSITY PLACE, WASH. — Apartment Realty Advisors (ARA) has brokered the $8 million sale of Orchard Crest Apartments, located at 5808 Hannah Pierce Road W just outside of Tacoma, Wash. Constructed in 1981, the 136-unit multifamily property consists of one and two bedroom apartment homes and includes a swimming pool, clubhouse, business center and tanning salon. ARA’s Jim Claeys represented the Massachusetts-based seller, Aspen Square Management, in the sale of the Class B property. The property was acquired by Goldendale, Wash.-based Ross Management as part of a multi-property 1031 exchange.

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