Koz sells 256 multifamily units in Tacoma for $40M
September 21, 2021
In a pair of related deals between the same two parties, Koz Development has sold its Koz on Market and Koz at the Dome to Calida Group, of Las Vegas. Pierce County recorded the deals, worth about $40 million, last week.
Both parties used LLCs, and brokers were not announced. Without adjusting for the retail in one building, the deal was worth around $156,250 per unit.
Koz at the Dome, at 304 Puyallup Ave., was completed in early 2020. The midrise building has 152 units and no parking. That sale was for a nominal $27.5 million, but with a very large $5 million personal property deduction.
Koz on Market, at 1554 Market St., was completed in early 2019. The seven-story project has 104 units that average around 255 square feet. There is no parking, and the retail bay is occupied by Campfire Coffee. That sale was worth $17.5 million. Koz developed the project in part to serve students at University of Washington Tacoma, some of whom are transitioning out of homelessness. Those students lease about half the units. Corstone Contractors was the general contractor.
Both buildings are close to transit, with Koz on Market having the more central location. Koz served as its own architect, in apparent partnerships with the two separate landowners. Koz is currently planning apartment projects in the Bel-Red area, Uptown, the Rainier Valley and on Capitol Hill. The developer is based in Snohomish.
Calida Group appears to be new to our market. It doesn't list any multifamily properties in the Puget Sound area. It says it has developed or acquired over 16,000 multifamily units since 2007. Most are in Nevada, California and Florida - and operate under the Elysian brand.