Harbor Custom Development offers 6 apartment sites for $278 million
A Tacoma condominium site is among six properties listed for sale by a Tacoma-based developer.
Harbor Custom Development, formerly based in Gig Harbor, announced Thursday the listing of properties with a combined value of $278 million.
The 80-unit Pacific Ridge, 8445 Pacific Ave., Tacoma, which was under construction this year, was among the properties.
The others are:
▪ Mills Crossing (row houses), Bremerton, 36 units.
▪ Belfair View, Belfair, 228 units.
▪ Wyndstone, Yelm, 75 units.
▪ Tanglewilde, Lacey, 177 units.
▪ Bridgeview Trails, Port Orchard, 138 units.
“Rental rates continue to rise to all-time highs, driving up the value of apartments in the project as demand for multi-family housing outstrips limited supply in the Puget Sound area of western Washington,” he said. said Sterling Griffin, president and CEO of Harbor Custom Development in a statement released Thursday. .
“We are capitalizing on this market momentum by listing our current inventory of six apartment projects totaling 734 units at various stages of construction.”
The properties are listed with Kidder Mathews and are expected to sell within the next 24 months, according to a Harbor press release.
“The Puget Sound area apartment market and in particular Seattle, Tacoma (Metro Statistical Area) continues to outperform the majority of the country,” Austin Kelley, senior vice president of Kidder Mathews, said in a press release.
Griffin, in an interview earlier this year with The News Tribune, said the Tacoma project would become apartments after its initial condominium development.
Market forces over the past 12 months, he explained at the time, have made apartments more valuable than condos.
The site is valued at $30 million on Harbor’s website.
Pacific Ridge is one of thousands of new multi-family units to be completed in Tacoma by a wide range of developers over the next three years.
Harbor Custom Development, a publicly traded company, is in growth mode, announcing April 18 its recent expansion into the Austin market with 208 single-family lots in various stages of development. Homes range from 2,200 to 4,200 square feet, with prices ranging from $900,000 to $2 million.
More information on properties listed on Thursday is at harbourcustomhomes.com/communities/multi-family.