Apartments w/ Expansion Potential Near JBLM 7515 146th St SW

Meadowbrook Apartments is a 48-unit property built in 1978 with a unit mix of 36 one-bedroom and 12 two-bedroom units averaging 783 square feet. On-site services include a rental office, 24-hour emergency maintenance, and a laundry facility. The units were recently updated with hardwood floors, carpets and paint and are currently 91.7% leased, with 3% annual rent increases driving elevated cashflow.

The property consists of two adjacent tax parcels totaling 9 acres. Proposals to expand Meadowbrook Apartments show that the complex can support up to 66 additional multifamily units and 87 parking spaces. Less capital-intensive opportunities for the excess land include adding self-storage or RV parking.

Meadowbrook Apartments is within an Opportunity Zone, providing robust potential incentives for new development. Investors are eligible to receive certain tax benefits on unrealized capital gains reinvested in Opportunity Zones through a Qualified Opportunity Fund.

Meadowbrook Apartments enjoys a prime location just across the street from a new Amazon distribution center, as well as vital operations for Unis and Maersk. Access to Interstate 5 is less than a mile from the property, and the Madigan Gate entrance to Joint Base Lewis McChord (JBLM) is less than 2 miles from the property. A bus stop for the 206 line is located across the street, connecting the property to Madigan Army Medical Center and JBLM.

Lakewood, Washington, is a city in Pierce County of nearly 65,000 people. The city sits in the south end of Puget Sound and is approximately 40 miles from Seattle. JBLM is the primary employer in Lakewood with more than 45,000 service members and civilian workers. Consequently, the base does not have sufficient housing for all its soldiers, airmen, and civilian contractors. Meadowbrook Apartments is perfectly positioned to capture this large pool of renters seeking off-base housing.