The Lodge at Madrona

JLL, as an exclusive advisor, is pleased to present the outstanding opportunity to acquire the Lodge at Madrona Apartments, (the “Property”, “Subject”, or “The Lodge at Madrona”) a 465-unit garden-style apartment community in South Tacoma.

Built in 1986, The Lodge at Madrona consists of 465 one-bedroom and two-bedroom units sprawled across over 27 acres and 27 buildings. The Property features a number of community amenities including a fitness center, resident lounge, heated pool, and 4-acre off-lease pet park.

The Property represents a significant value-add opportunity as only 14 units have received the current owner’s “high-end” scope. The future owner will have the opportunity to renovate the Property’s 199 unrenovated units, bringing these units up to market premium finish levels. A new owner will also have the opportunity to further increase upside by renovating the 252 partially renovated units. Current ownership has completed significant capital improvements at the Property with an emphasis on asset preservation and upkeep.

The Property is proximate to Highway 16 and Interstate 5, allowing residents easy access to all the major employers of Tacoma and the greater Puget Sound. Healthcare, Aerospace, Banking & Insurance are the primary drivers of the Tacoma economy with a few of the largest employers being the MultiCare Health System, Boeing, and State Farm Insurance. The local economy benefits from the Port of Tacoma and Joint Base Lewis McChord and its 54k full time employees.