Tacoma's Westridges Apartments sold to Los Angeles investor for $64.5M

A massive apartment community in Pierce County has been sold to a California investment company, according to commercial real estate brokerage firm Jones Lang LaSalle.

Los Angeles-based JRK Investments purchased the Westridges Apartments, located at 2602 Westridge Avenue West, in Tacoma for for $64.5 million. The 714-unit, 62-building apartment community was built in 1991 on a little more than 37 acres near State Route 16. It includes indoor and outdoor heated swimming pools, a community clubhouse, hot tub, basketball and racquetball courts and fitness center.

“This offering provided investors an opportunity to own not only the largest, but also one of the best multifamily assets in Pierce County,” said Jones Lang LaSalle Managing Director David Young. According to Young, the Westridges Apartments is the largest apartment community in Pierce County, as well as the fourth largest apartment community in the Puget Sound region. “On top of its sweeping views of Puget Sound and ideal location, 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.”