63-Unit Bayside Garden Apartments Sells for $11.9M in Off-Market Deal

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Bayside Garden Apartments, a 63-unit multifamily property located at 15 N E Street in Tacoma, Washington, sold for $11,900,000 in an off-market sale structured by Kidder Mathews. The buyers were Tyler Stanek and Rose Stanek-Norbe of TYRODA LLC and Michael Petramalo of Targa Real Estate. Brandon Lawler, Dylan Simon, and Jerrid Anderson of The Simon | Anderson Team, a multifamily investment team at Kidder Mathews, represented the buyers and were the sole brokers on the transaction.

Originally built in 1926, the classically constructed brick Bayside Garden Apartments is located in downtown Tacoma’s historic Stadium District and offers unobstructed views over Commencement Bay. The property was well maintained by the seller, a private investor with continuous ownership of the building for over 30 years.

The Simon | Anderson Team sourced the Bayside Garden Apartments off-market and represented the buyers, active investors in the region who also recently purchased the Vista Del Rey Apartments located nearby. Despite challenging conditions posed by COVID-19 in Fall 2020, the sale was performed in 60 days from signing to closing.

“We remain bullish on Pierce County and opportunities for apartment investors across the market. Pierce is the only county in the Puget Sound staying on track with rental rates and occupancy and surpassing transaction volume and pricing achieved in 2019 apartment sales,” said Lawler.

About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of seven brokerage professionals specializes in sales and financings of apartment buildings and development land from $1M to in excess of $100M.  For more information, visit dylansimon.com.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.

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