Description

JLL has been exclusively retained for the sale or contribution of 3718 Pacific Ave (the “Property” or “Site”), in Tacoma, Washington, just 30 miles south of Seattle.

• Ownership is interested in either a conventional sale or contribution of the site to a future development venture. The contribution scenario represents the opportunity to acquire and develop a shovel-ready site with minimal pre-development expenditure.

• Because of staffing shortages and changes at the City of Tacoma, permitting for new development sites in the area is taking 3+ years. As a fully-entitled site, Avenir Apartments represents an extremely rare opportunity.

The Site is comprised of approximately 16,014 square feet of permit-ready Community Commercial Mixed-Use (CCX) zoned land. Future tenants will benefit from over 350 restaurants and retail establishments within 1.5 miles of the Property, with excellent proximity to Interstate 5.

Ideally positioned near the region's premier employment centers, the Site benefits from its proximity to the area's dominant economic drivers: Healthcare, Aerospace, and Banking & Insurance. Among Pierce County’s top employers are the MultiCare Health System, Boeing, State Farm Insurance, the Port of Tacoma, and Joint Base Lewis McChord with its 54k full-time employees. The Site is a 3-minute drive to both I-5 north and south on-ramps, offering seamless connectivity to the broader Puget Sound region. With 14% population growth since 2010 and a projected 13% increase in median household income by 2030, the Tacoma submarket has emerged as one of the Pacific Northwest's premier investment markets, offering a compelling combination of economic vitality, relative affordability, and strong fundamentals that have already begun attracting capital seeking alternatives to the higher-priced Seattle market. Investors also benefit from Tacoma's attractive 8-year MFTE program which offers an 8-year tax abatement with no affordability requirement.

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