Marketing Description:

A rare opportunity to invest in a desirable community just minutes from downtown Tacoma. This 34-unit garden-style property offers a mix of 1 and 2-bedroom units in excellent condition, along with ample parking on 1.40 acres of land. Situated in University Place, a Tacoma suburb renowned for its highly rated public schools and the nationally-recognized Chambers Bay golf course, BaysWater is poised for success. With the LIHTC program set to expire in 2025, there is significant value-add potential, as current maximum allowable rents are below the area market rates. This property is located in an area of high rental demand, with 43% of housing units within a 3-mile radius being renter-occupied. Additionally, University Place has seen limited multifamily trades in recent years (since 2018), wi