Amidst a turbulent economy, Ethos Development and Lombard Equities Group have successfully acquired Pine Street Townhomes in Tacoma, WA from Kaz Enterprises for $17 million. According to the Puget Sound Business Journal , multifamily transactions were sparse in the first quarter of 2023 with only 15 compared to the five-year average of 57. A Lombard manager noted that this acquisition offered an attractive purchase price versus replacement value and provides substantial upside on rental renovations and turnovers.
Located at 2901 S. 45th Street near Tacoma Mall, this 53-unit community was built in 2009 featuring apartments with wood cabinets, tile countertops as well as attached garages; amenities include a barbecue/picnic area plus dog park (Image courtesy of Lombard Equities Group). Despite higher interest rates and tight credit environment due to economic instability leading to slowdown on multifamily sales – Ethos Development & Lombard Equities Group have managed an impressive feat by acquiring Pine Street Townhomes for $17 million!
