Narrows Townhomes, a recently built rental townhome community in Tacoma, Washington, has traded for $7.3 million in a fully marketed sale arranged by Kidder Mathews. The 15-unit property is located at 8524 19th Street W. and was completed in 2022.
The transaction achieved pricing of $487,000 per unit, which is reported as the highest price per unit ever recorded for a multifamily property in Pierce County. Elijah Piper and Tony Herrmann of the Simon | Anderson Multifamily Team at Kidder Mathews represented the seller in the deal.
The buyer is described as a longtime Puget Sound investor. According to the parties involved, the buyer plans to subdivide the property so that each townhome can be sold individually as a single-family residence, transitioning the community from a unified multifamily asset to a for-sale home product over time.
Narrows Townhomes consists of units that average 1,650 square feet. Each residence includes a private garage and a rooftop patio with views toward the Narrows Bridge, positioning the community as a higher-quality offering within the local market.
Piper noted that Narrows Townhomes was perceived as a distinctive opportunity in Tacoma, given its combination of new construction, finishes, and location. He added that while some prospective buyers were initially cautious at the asking price, tours and on-site inspections helped demonstrate the property’s quality and setting, ultimately supporting the record pricing.
Piper also commented that this dynamic reflects a broader trend within Pierce County, where newer, well-located multifamily assets continue to secure premium valuations despite buyer scrutiny at higher price points. In this case, the market’s willingness to underwrite strong pricing for best-in-class townhome product underscores ongoing investor interest in high-quality multifamily housing in the Tacoma area.
