Lipoma Firs Townhomes is a 56-unit townhome community built in 2017 in Puyallup, Washington. The property offers spacious 2- and 3-bedroom homes averaging 1,481 square feet on a low-density 3.18-acre site.

Lipoma Firs stands out with highly attractive assumable financing, including a 2.87% interest-only loan with an approximate $10.92 million balance through November 2028. This in-place financing debt creates a major advantage for buyers seeking below-market financing in today’s capital markets environment.

Located in a predominately single-family neighborhood with limited nearby multifamily competition, Lipoma Firs offers a compelling option for renters looking for more space, privacy, and an affordable alternative to homeownership. The asset is one of only four multifamily communities within a half-mile radius, which further strengthens its position in the submarket. Each units includes 2.5 bathrooms, a rare feature for this product type and especially uncommon in 2-bedroom floorplans.

The property also benefits from strong market fundamentals. South Hill’s population grew 12% over the past five years and is projected to grow another 14.5% through 2030, supporting continued renter demand. The submarket has recorded 20% rent growth over the last five years with no new quarterly supply, while Lipoma Firs was 95.2% occupied as of the most recent reporting period.

As a newer vintage asset, Lipoma Firs offers investors the opportunity to acquire a well-built community with minimal deferred maintenance and clear upside in rents. Current in-place rents average $2,460, which sits 11% below market, creating an opportunity to capture additional growth and push rents closer to the $3,100 market average for three-bedroom units.

The local economy adds another layer of stability, supported by healthcare, retail, and major regional employment drivers. Many residents commute to Tacoma, while proximity to the Port of Tacoma and Joint Base Lewis-McChord strengthens the area’s long-term appeal. Together, these employment hubs support approximately 41,000 and 54,000 jobs, reinforcing demand from a broad renter base.