Gated Apartment Community in Puyallup Sells for $50.2M

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Bella on Canyon, a 140-unit apartment community in Puyallup, Washington, has sold for $50.2 million. Kidder Mathews’ Bruce Peart and Arielle Dorman, along with Thad Berg from Windermere Chambers Bay, represented the buyer and seller. The seller was SEB, Inc., a Washington multifamily development company.

The property is located at 5402 141st Street East. It was built in 2012 by SEB and is currently 98% occupied. It is a fully gated complex that includes a mix of studio, one-, two-, and three-bedroom apartments with an average size of 1,049 square feet. Amenities include a state-of-the-art fitness center, community patio with a barbeque area, kids’ playground, parcel lockers, seasonal pool, and year-round spa.

Bella on Canyon is located less than 4.5 miles from South Hill Costco and South Hill Mall, the major retail destination in the area with tenants including Target, Dick’s Sporting Goods, Macy’s, Old Navy, Olive Garden, and Regal Cinemas.

“SEB, Inc. has a 30+ year track record of developing quality assets that align with market demands,” said Peart.

About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.

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