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Equus Capital Partners acquires 150-unit multifamily community in Puyallup, Wash.
Equus Capital Partners announced that an affiliate completed the acquisition of Sierra Sun Apartments, a 150-unit, 93 percent occupied, rental townhome community located in Puyallup, Wash.
Sierra Sun is a 19-year-old townhome community comprised of one-, two- and three-bedroom homes. The average unit size is 1,132 square feet and each unit has an attached two-car garage accessible from the unit. The low-density site comprises 20 two-story apartment buildings and a one-story, 8,500 square-foot clubhouse and amenity center.
“We are excited to return to the Seattle-Tacoma apartment market with the acquisition of this distinctive gated community in the desirable South Hill section of Puyallup,” said Rob Butchenhart, senior vice president at Equus. “This property presents the unique combination of townhome style units situated in a parklike setting surrounded by Washington state pines and proximate to retail, schools and employment centers. The business plan includes