54-unit value-add property in Lakewood, WA

Kidder Mathews is pleased to present the exclusive listing for a 54-unit multifamily community located in Lakewood, a well-established South Sound submarket supported by strong and consistent workforce housing demand.

Built in 1985, the property features spacious apartment homes averaging approximately 722 square feet. With largely original interior finishes, the asset offers a clear value-add opportunity through a targeted renovation program including modernized kitchens and bathrooms, updated fixtures, and the installation of in-unit washer and dryers—a highly desirable amenity that is currently absent. These improvements are expected to position the property to capture meaningful rent premiums and drive long-term NOI growth while maintaining affordability relative to newer construction.

The community benefits from its proximity to major employment drivers, highlighted by Joint Base Lewis-McChord, one of the region’s largest and most stable sources of housing demand. The installation anchors a diverse tenant base of military personnel, civilian employees, and service-related industries, providing reliable occupancy and sustained rental demand.

In addition to its strong employment connectivity, the property offers convenient access to regional retail, services, and transportation corridors, making it an attractive option for residents seeking quality housing at attainable price points within the greater Tacoma/Lakewood area.

The asset has been well maintained and provides an excellent operational foundation for a renovation-driven repositioning with limited complexity. Its unit sizes, layout efficiency, and location within an undersupplied workforce housing market create a compelling opportunity to enhance value while delivering an improved resident experience.

We invite you to review the Offering Memorandum for additional details and to contact the Kidder Mathews team to schedule a tour.