1202 Pearl represents TruAmerica’s 19th investment in the Seattle MSA and 26th acquisition of 2021. The Property is a substantial value-add opportunity as all 330 of the apartment homes remain unrenovated. TruAmerica will renovate all units to a consistent, premium finish level, creating a high-end feel for future residents. TruAmerica also plans to make targeted, improvements to exteriors and amenity spaces. Amenity improvements will include clubhouse renovations, landscaping, playground renovation, outdoor pool deck expansion, indoor pool area renovation, reupurpose of the sport court into pickleball and dogpark, pool furnishings, signage, exterior paint, BBQs, exterior lighting, and fitness center upgrades. These renovations will improve the current resident lifestyle and boost the curb appeal of the property.
1202 Pearl is located in the heart of Tacoma’s North Side submarket and provides easy access to South Sound’s booming employment hubs, favorable public-school system, numerous lifestyle options, and extraordinary outdoor excursions. Located ¼ mile south of 1202 Pearl is a retail center anchored by a large LA Fitness. Residents also enjoy easy access to a Safeway anchored retail center just ½ mile north of the property. The Property’s location is central to major employers, including the Port of Tacoma, four different hospitals, the University of Washington, Tacoma Community College, and Joint Base Lewis McChord. The Property is also directly adjacent to Highway 16 and only a few miles from Downtown Tacoma. Additionally, the property is a short twenty five-minute drive from Seattle-Tacoma International Airport, which recently completed a $710M renovation, and is a major employment hub.
Tacoma is recognized as one of the most livable and walkable cities in the nation, with a thriving downtown core, outstanding transportation, and a number of exceptional recreation options, including waterfront parks, entertainment venues, museums, and a wealth of retail. Recent revitalization and infrastructure improvements include improved freeway access, introduction of the light rail system, a redeveloped waterfront and various new museums and universities, all of which have laid the groundwork that is now attracting an affluent tenant base. Local universities such as University of Washington and Tacoma Community College have paved the way for a growing center of educated tenants. Major employers of Tacoma residents include Kaiser Permanente, MultiCare Health System, Boeing and Amazon. In addition to local employers, 19% of Tacoma residents commute daily to Seattle. The city’s economy is heavily influenced by its location on Commencement Bay and proximity to the Northern Pacific Railroad.
Community Amenities & Unit Amenities