Midtown Apartments is a 68-unit community located in a highly accessible pocket of Tacoma offering investors a true value-add opportunity with strong in-place fundamentals.

The property features a mix of 1- and 2-bedroom units across over two acres of landscaped grounds, with recent upgrades laying the groundwork for further operational and income upside.

100% of the units have received cosmetic improvements—including stainless steel appliances, custom cabinetry, updated countertops, and new flooring— yet current rents remain below market levels for comparable renovated product in the area. With minimal capital expenditures needed, investors can immediately focus on capturing this loss-to-lease through strategic rent increases, improved management, and enhanced marketing.

Community amenities such as a clubhouse, fitness center, and outdoor common areas provide additional appeal to renters and create opportunities for further value through light amenity enhancements. Offered at an in-place 6.7 cap, Midtown Apartments represents a rare chance to acquire a stabilized, renovated asset with immediate revenue growth potential in a strong, Tacoma submarket.

Situated near newly expanded transit, schools, and a rapidly growing employment base, the property is well positioned to benefit from continued economic and population growth in one of the Puget Sound’s most supply-constrained markets.

Granada features a diverse unit mix, updated building systems, and well-maintained grounds. All units have undergone full interior and exterior renovations, including modern finishes, upgraded appliances, and capital improvements to core systems—allowing new ownership to focus on operational enhancements rather than heavy capital outlays.

Although stabilized, the property presents a light value-add opportunity through strategic rent growth, improved management, and refined marketing. At pricing well below today’s replacement cost, Granada Apartments offers investors the rare chance to acquire a fully improved asset with room to grow, in a high-demand submarket with strong long-term fundamentals.

Granada Apartments is a well-located, 100% renovated multifamily asset with 32 units in a desirable pocket of Tacoma, WA.

OFFER REQUIREMENT

All offers must be submitted to Dylan Simon, Austin Kelley and Elijah Piper, and must include the following terms and information:

• Purchase Price
• Earnest money deposit, including non-refundable portion and timing of deposits
• Timing for due diligence and post-diligence closing period
• Source of funds for acquisition

Property Tours

All property tours will be conducted exclusively by Dylan Simon, Austin Kelley or Elijah Piper by appointment only. To learn more about the opportunity please contact the listing brokers directly.