Townhomes at Mountain View represents TruAmerica’s 18th property acquired overall in the state of Washington and 17th property acquired in 2019. The property is a part of East Pierce County and located along Routes 167 and 410, providing convenient access to major employment and retail centers throughout the Tacoma and Seattle MSAs. The property is ten miles from downtown Tacoma and 35 miles downtown Seattle.
Axiometrics forecasts East Pierce County to have the highest five-year average rent growth in both the Tacoma and Seattle MSAs. Rents in the East Pierce County submarket have grown at an average annual rate of approximately 7.1%, while vacancy has averaged a 3.3% over the past five years (Axiometrics). The East Pierce County submarket is projected to achieve a 3.86% rent growth over the next five years.
Townhomes at Mountain View represents a proven value-add opportunity as the seller has performed two levels of interior renovations. The seller has partially renovated 189 townhomes (86%) with new stainless-steel appliances, vinyl wood flooring in the common areas, carpet in the bedrooms, hardware, lighting and plumbing fixtures, and blinds. The seller’s highest level of renovation includes HVAC installation and the aforementioned renovation scope in seven townhomes (3%).
TruAmerica plans to bring all of the townhomes to a fully renovated status by continuing the seller’s renovation program, but also improving it by installing new kitchen and bathroom laminate countertops, cabinet faces and painting the boxes, kitchen backsplash, baseboards, and two-tone paint. Additionally, TruAmerica is planning to install HVAC in the remaining townhomes, a rare and highly sought-after amenity in the East Pierce County submarket.
Townhomes at Mountain View is a unique, multisite townhome community located in Puyallup, WA and Sumner, WA. The property was built in various phases from 1994 to 2005 and spread across three sites (Valley, Main, & Sumner) that are all within a 2.8-mile radius from each other.
There are 88 townhomes at the Valley site, 76 townhomes at the Main site, and 56 townhomes at the Sumner site. Each site currently has their own leasing office and the Valley site is home to 20 RV garages. The Valley site was built in 1994, 2004, and 2005, the Main site was built in 2000, and the Sumner site was built in 1997.
The property features two-bedroom (18%) and three-bedroom townhomes (82%) with floorplans at an average size of 1,608 square feet. All of the townhomes have direct access garage with extended driveways, nine-foot ceilings, washer/dryer, private patio or balcony, gas fireplace, ceiling fan, and walk-in pantry and closet(s). The property also features multiple playgrounds and picnic areas with barbeque grills.
Major employers within ten miles of the Property include: the Port of Tacoma (29,000 employees), Boeing Auburn Plant (11,000 employees), Multicare Health System (7,400 employees), Boeing Frederickson Plant (1,800 employees), and University of Washington, Tacoma (5,000 students). Furthermore, the Sea-Tac Airport is 25 miles northwest of the Property and home to 22,000 jobs. This airport is the primary commercial airport serving the Seattle metropolitan area and the largest airport in the Pacific Northwest region. Sea-Tac Airport is the primary hub for Alaska Airlines, whose headquarters is near the airport.
The property is also proximate to major retail centers. The South Hill Mall is five miles north of Townhomes at Mountain View and features more than 100 stores, a food court, and movie theater. This mall is anchored by JCPenney, Macy’s, Target, and Dick’s Sporting Goods. The Tacoma Mall is 12 miles west of the Property and the largest shopping center in Tacoma. This mall consists of Nordstrom, H&M, Apple, Lululemon, Build-A-Bear, Sephora, and more than 150 specialty stores.
The Townhomes at Mountain View sites are served by both the Puyallup School District as well as the Sumner School District. Of the thirteen school districts that comprise East Pierce County, the Sumner School District is ranked 3rd and the Puyallup.