Local Developer Divests of Westminster Towers Multifamily Complex Near Seattle for $28M
TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit.
Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking.
Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction