Pine Street Townhomes a 53-unit townhome acquisition in Tacoma, Washington consisting of two to four bedroom townhomes all with attached garages. The property is adjacent to the Tacoma Mall and has great proximity to Interstate 5 which makes for a quick trip to Joint Base Lewis-McChord, a major employer to the south of Tacoma. Purchased in Spring of 2023, cap rates had started to soften as investor sentiment was affected by interest rate uncertainty, however rates at the time still allowed for positive leverage.

The properties were built in 2008 and have not been renovated since. Our business model is to renovate the interiors of the units, catch-up on deferred and increase operational efficiency.