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Grand Peaks Acquires Beaumont Apts. for $30M (05/02/07)

May 2, 2007
Written by Julie Pascual

Grand Peaks Acquires Beaumont Apts. for $30M

United Dominion Sells 267-Unit Tacoma Multifamily

Grand Peaks Property Management acquired the 267-unit Beaumont Apartments in Tacoma, WA, for $30 million, or about $112,400 per unit, with a cap rate of 5.72%. The seller was United Dominion Realty Trust Inc.

Located at 8609 82nd St. SW in the University Place/Lakewood area, the 23-building complex consists of 96 one-bed/one-bath units, 47 two-bed/one-bath units, 78 two-bed/two-bath units and 46 three-bed/two-bath units, with sizes ranging from 780 square feet to 1,145 square feet.

The property features 47 parking spaces in seven garages, 266 carport spaces and 131 open stalls. Amenities include a clubhouse, office and controlled access gates.

Bruce Peart of GVA Kidder Mathews in Bellevue represented the seller, while the buyer was represented in-house.