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Hamilton Zanze Sells Multifamily Community in Seattle Metro

hamilton-zanze May 18, 2023
Press Releases Transactions
Hamilton Zanze Sells Multifamily Community in Seattle Metro Hamilton Zanze Sells Multifamily Community in Seattle Metro

PUYALLUP, Wash. – May 18, 2023 – San Francisco-based real estate investment firm Hamilton Zanze is pleased to announce the sale of Sierra Sun in Puyallup, Washington. The property is located in Puyallup’s South Hill, a popular choice for Pierce County residents. The firm purchased the community in May 2014 and the sale closed on May 15, 2023.

During their ownership, Hamilton Zanze completed many successful renovations focused on making the property run more efficiently. These projects included unit renovations, landscaping, pool and spa repairs, amenity improvements, lighting enhancements, and the addition of a dog park.

“We are very pleased with the performance of Sierra Sun,” said Anthony Ly, senior director of dispositions at Hamilton Zanze. “The property experienced strong rent growth while also being a cost-effective alternative to other urban areas of Washington. Transacting in this current market is not without its challenges,” added Ly. “The Kidder Mathews team led a strong marketing effort which resulted in the selection of a very strong buyer that could navigate this market.”

Sierra Sun was built in 2003 and is located at 12415 172nd Street East in Puyallup. The property comprises 150 one-, two-, and three-bedroom units averaging 1,133 square feet. Unit amenities include maple cabinetry, electric fireplaces, kitchen islands, nine-foot ceilings, attached two-car garages, tile features, and designer accents. Community amenities feature a two swimming pools and spas, 24-hour fitness studio, spacious clubhouse with a koi fish pond, gourmet kitchen, coffee bistro, classic billiard room, business center, gazebo, and gated entry.

Sierra Sun is located in Puyallup, WA, on just over 14 acres, along Sunrise Boulevard East facing south with views of Mount Rainer, the highest peak in the Cascade Range. The community is approximately 10 miles east of Tacoma and 40 miles south of Seattle, providing access to major retail and employment centers. Sierra Sun is located near several of the Seattle/Tacoma metro’s largest economic drivers, such as Boeing, Starbucks, Amazon, and Microsoft. The Port of Seattle is one of the major gateways for trade with Asia and one of the top 10 largest ports in the United States.

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Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $6.3 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 132 properties (22,035 units) across 30 markets. For additional information, visit www.hamiltonzanze.com.