Tacoma, Wash. — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of The Westridges, a 714-unit, 62-building apartment community, located just outside of downtown Tacoma. JRK Investors purchased the multifamily asset for $64.5 million. The Westridges is the largest apartment community in Pierce County and the fourth largest in the entire Puget Sound region.
Managing Director David Young and Senior Vice Presidents Corey Marx and Seth Heikkila led the Jones Lang LaSalle team on this transaction.
“This offering provided investors an opportunity to own not only the largest, but also one of the best multifamily assets in Pierce County,” said Young. “On top of its sweeping views of Puget Sound and ideal location in the highly regarded University Place, The Westridges also offers upside potential through cosmetic renovations. This acquisition is a strong one for JRK Investors as the Seattle region features some of the lowest vacancy rates and the highest rent growth in the nation right now.”
The Westridges is located at 2602 Westridge Avenue West near Route 16, I-705 and I-5; steps from Titlow Beach and just three miles from the Chambers Bay Golf Course, host of the 2015 U.S. Open. Completed in 1991, the 62-building community sits on a 37.15-acre site. It features indoor and outdoor heated swimming pools, a community clubhouse, hot tub, basketball and racquetball courts and fitness center. Units come complete with a washer and dryer, dishwasher, fireplace, walk-in closets, vaulted ceilings on the upper floors, private balcony or patio and storage.
Founded in 1991, JRK Investors owns and operates more than 180 multifamily properties at 55,000 units across the nation.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.