Development of 81-Unit Apartments
Parkview Financial has provided a $9.4 million construction loan to Emerald Bay Apartments, LLC for Emerald Bay Apartments, an 82-unit multifamily project located at 1624 E 32nd Street in Tacoma, WA. Construction has commenced with completion anticipated for early 2022.
The four-story building will be situated on a 19,500-square-foot (sf) land parcel and will include an 82-car parking garage. The unit mix will include 53 studios averaging 312 sf and 29 one-bedroom units averaging 638 sf. The units will offer residents luxury plank vinyl and treated concrete floors, exposed wood truss ceilings, and stone surfaces, among other upgrades. On-site amenities will include a fitness center, rooftop terrace, community room, event space, dog wash and grass area, and a bike storage and repair room.
“Parkview Financial remains bullish on providing financing for multifamily projects in key markets across the nation in this new year,” said Paul Rahimian, CEO with Parkview Financial. “This project will provide smaller unit sizes which create more affordability for area renters, complemented by a number of attractive unit upgrades and common area amenities.”
The City of Tacoma is a major submarket of Seattle and features the lowest rental rates in the metro area. Additionally, vacancy rates, which posted at approximately 3.9 percent over the last quarter of 2020, are currently among the lowest in the area. The combination of attainable rental rates and strong demand, along with limited apartment development over the past decade, have created a prime environment for new development.