Equity Return Multiple
Property Type: Multifamily
Sold in Q4 of 2018, Deer Creek Apartment Homes is a 256-unit apartment complex located in Puyallup, WA., approximately 40 miles south of the heart of Seattle. Built in 2000, the property features a mix of one, two, and three bedroom apartment homes ranging from 670 to 1,153 square feet. Amenities at the property include a children’s play area, clubhouse, fitness center, tanning beds, heated pool, and gated community.
The multifamily center sits on almost 18 acres of mature landscaping. It is located just 14 miles away from Tacoma, 27 miles away from Sea-Tac International Airport, and has convenient access to I-5 and SR – 512.
During the investment period with joint-venture partner Lowe Enterprises Investors, over $2M was spent on capital improvement projects that included an extensive clubhouse remodel and over 50% of interior units renovated.