Transactions - JUNE 25, 2020

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Unico and Pinnacle Partners to develop OZ project in Washington

by Released

Unico Properties, a subsidiary of Unico Investment Group, and Pinnacle Partners, a boutique qualified opportunity zone investment firm, have plans to develop announced Washington Building Apartments, an 18-story, 156-unit historic multifamily development in downtown Tacoma, Wash.

Expected to deliver in early summer 2022, the vintage apartments will feature expansive views of the city and Puget Sound, and a unique tenant lounge in the building’s historic bank vault. The rooftop and penthouse space — which historically housed Tacoma’s medical Scientific Zoo — will be transformed into a first-of-its-kind rooftop amenity deck with uncompromising views of the Sound and Washington’s famed mountain ranges. The project will be redeveloped as part of a single-asset joint venture between Unico and Pinnacle Partners’ respective qualified opportunity zone funds, which acquired the property in May. Unico is developing the $60 million project on behalf of its and Pinnacle Partn

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