The Meadows
Exclusive Multifamily Opportunity
11012 Portland Ave E | Tacoma, WA 98445
OPPORTUNITY
Berkadia Seattle is pleased to present The Meadows, a well-positioned, 200-home community offering immediate scale and a highly desirable 2007 vintage.
Significant capital has already been invested in the asset, including a renovated clubhouse and partial interior upgrades. A premium renovation package featuring luxury finishes has been implemented in 13 homes, generating outsized rent premiums. Combined with the property’s 2007 construction, this creates a compelling opportunity to extend the proven renovation program across the remaining 187 homes.
The Meadows benefits from a strategic location in unincorporated Pierce County, providing an exemption from the city’s more stringent landlord regulations. Situated between Tacoma and Frederickson with convenient access to SR 512, the community offers efficient connectivity to both Tacoma’s expanding workforce and Frederickson’s industrial corridor and employment base. Further enhancing its appeal, the property is located less than 15 minutes from Joint Base Lewis-McChord, one of the region’s largest and most cycle-resistant employment anchors, supporting more than 54,000 jobs and benefiting from over $3.5 billion in capital improvements over the past decade.
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- CITY, STATE, ZIP
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- PARCEL NUMBER(S)
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- RENTABLE SF
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INVESTMENT HIGHLIGHTS
Substantial Remaining Upside:
With only 13 units renovated, 187 homes remain available for a broader repositioning program, giving a new investor a long runway to continue the renovations projecting nearly $300 premiums.
Cycle-Resistant Employment Base:
Less than 15 minutes from Joint Base Lewis-McChord, a hub supporting more than 54,000 jobs and $3.5 billion in capital investment over the past decade, in addition to demand from Tacoma’s workforce and the Frederickson industrial corridor.
Regulatory Advantage:
Located in unincorporated Pierce County exempts the property from the City of Tacoma’s more stringent landlord regulations.
Immediate Scale & Desirable Vintage:
A institutionally owned 200-home, 2007-built community with direct access to SR-512 and significant capital already invested throughout the property, including a high-end, recently renovated clubhouse.
200
units
2007
Year Built
1,163
Avg. SF
ASSET
The Meadows is a partially renovated apartment community defined by open-concept one- and two-bedroom layouts, spacious living areas, and a clean interior finish package featuring stainless steel appliances, custom cabinetry, wood-style plank flooring, and covered balconies or patios at each home. Continued exterior maintenance has also been addressed throughout the community, including improvements to siding, gutters, garage doors, and other key property components.
The physical asset is further distinguished by a strong amenity backbone, including a swimming pool, 24-hour fitness center, newly renovated resident clubhouse with fireplace lounge and complimentary Wi-Fi, a café lounge with coffee bar and social spaces, and the addition of a dog park, all of which give the property a more hospitality-driven feel. Altogether, The Meadows presents as a refreshed, lifestyle-oriented community with a tangible emphasis on livability, shared-space programming, and upgraded residential design.
VALUE-ADD OPPORTUNITY
Currently, 13 homes feature a premium renovation package, providing a clear blueprint for future ownership to implement a scalable value-add program. Based on the existing finish level and competitive positioning, future ownership has the opportunity to pursue a nearly $300 average rent increase over in-place rents through an expanded renovation program.
The current renovation scope includes two-tone paint, LVP flooring, quartz countertops, white cabinet fronts with upgraded hardware, an oversized high-end sink, and a gooseneck faucet. Interiors are further enhanced with upgraded bathroom accessories, two-inch faux-wood blinds, and new carpet in the bedrooms.
While select competing assets have achieved renovation premiums, The Meadows stands out as an opportunity to implement a thoughtful, strategic renovation program designed to position upgraded interiors competitively and support top-of-market rents.
Current Renovated Unit
PHOTO GALLERY
CONTACT US
Investment Sales
DAVID SORENSEN
Managing Director
WA CRE #26603
206.801.3102
[email protected]
BEN JOHNSON
Managing Director
WA CRE #114515
206.801.3144
[email protected]
GEORGE PALLIS
Senior Director
WA CRE #138339
206.801.3070
[email protected]
PETER DUDUNAKIS
Associate Director
WA CRE #24008898
206.795.4169
[email protected]
Mortgage Bankers
ROBERT DOXSEE
Managing Director
425.777.0235
[email protected]
MICHAEL MANOLIDES
Senior Director
253.670.2143
[email protected]
CONNOR LEMLEY
Associate Director
206.455.1592
[email protected]
Bellevue Office:
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
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