248 Contiguous Units just outside Tacoma, WA
Investment Overview
The Seattle Investment Sales Team of IPA has been retained as the exclusive listing brokers for the sale of Sienna and Sienna Park, two multifamily communities located adjacent to one another with a combined 248 apartment homes in Tacoma, Washington. Sienna and Sienna Park offer excellent access to Interstate 5 and State Route 512, providing convenient connections to some of the South Puget Sound’s largest employers. Built in 1986 and 1988, these well-maintained assets feature a blend of renovated and classic units, presenting a light value-add investment opportunity for an incoming investor.
Sienna // 80 Units
Sienna Park // 168 Units
Executive Highlights
Well-Maintained Assets
Both Sienna and Sienna Park have had ample capital reinvested into them over the years. Each property has received new roofs, significant renovations to common areas, and other capital investments under current ownership.
Light Value-Add Upside
A majority of the homes (85%) at Sienna Park retain classic finishes. The remainder of units at Sienna Park (15%) along with all homes at Sienna have been lightly renovated to a higher finish level. An incoming investor can continue renovations to the same scope throughout or take the units to a more modern finish level to differentiate the asset further.
Large Floor Plans
Well-designed floor plans offering one-, two-, and three-bedroom homes averaging ±972 square feet. Eight townhomes at Sienna feature two-bedroom, one-and-a-half-bathroom units, each ±1,063 square feet.
Attractive Assumable Financing
Prospective buyers can choose to assume the existing financing at either or both properties. The interest rate on each loan is 4.23% and both are interest only for the remaining term.
South Puget Sound Location
Convenient accessibility to Interstate 5 and State Route 512, providing easy commutes to major employment centers in downtown Tacoma, Pierce County, Kent Valley, SeaTac, Seattle, and Renton.
Lower Regulatory Environment
Located just outside the Tacoma city limits, Sienna and Sienna Park are not subject to the more punitive landlord/tenant laws of Tacoma proper. Location is governed by county-level rental laws, which are much more favorable than those of Tacoma, Seattle, and other locations in the Seattle MSA.
Community Amenities
Central leasing office
Resident clubhouse with kitchen, dining area, and fireplace
Fitness center with cardio equipment and free weights
Outdoor seasonal pool and sundeck
Standalone cabana with full kitchen, games, and TV lounge
Outdoor BBQ
Children’s playground
Parcel pending system
Carports available for lease
Sienna Apartment Finishes
Two- and three-bedroom homes averaging ±996 square feet
Eight townhome units on site
All homes have been renovated with white shaker cabinets, new countertops, stainless steel appliances, plush carpet, and tiled fireplace surrounds
Private patio or deck with additional storage closet
Wood burning fireplace in all homes except for townhomes
In-unit washer / dryer in all homes
Sienna Park Apartment Finishes
One-, two- and three-bedroom homes averaging ±960 square feet
Mostly classic homes (143 homes) with flat panel cabinetry, white appliances, and standard renter-grade finishes
Upgraded homes feature white shaker cabinets and upgraded stainless steel appliances
Private patio or deck with additional storage closet
Wood burning fireplace in all homes
Full-size washer / dryer in all homes
Vaulted ceilings in top floor homes
