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Wright Park 3 Multifamily Properties in Tacoma, WA
Investment Highlights
- First time to market in over 50 years, offering a rare generational opportunity to acquire a 53-unit multifamily portfolio in Tacoma
- Premier location directly across from Wright Park, featuring over 27 acres of green space and walking paths
- Classic early 20th century buildings constructed in 1911, 1925, and 1927 with timeless architecture and durable construction
- Three apartment buildings totaling 53 units: Dreher Apartments (23 units), Hillcrest Apartments (19 units), and Brown Apartments (11 units)
- Situated in Tacoma's highly desirable Stadium District/Wright Park neighborhood, known for walkability, historic character, and strong renter demand
- Significant value and opportunity through interior renovations, common area improvements, and operational efficiencies to increase rents
Executive Summary
Paragon Real Estate Advisors is proud to present a rare generational investment opportunity in the heart of Tacoma's historic Stadium District. Offered for the first time in over 50 years, the Dreher Apartments (23 units), Hillcrest Apartments (19 units), and Brown Apartments (11 units) represent a unique opportunity to acquire three well-located multifamily buildings totaling 53 units directly across the street from Wright Park, one of Tacoma's most iconic and desirable neighborhood amenities.
Positioned along the park's edge, these classic Tacoma apartment buildings benefit from unobstructive park views, mature tree-lined surroundings, and immediate access to the walkability and lifestyle amenities of the Stadium District and Downtown Tacoma. Residents enjoy proximity to local restaurants, coffee shops, medical centers, transit, and waterfront attractions, making the location highly desirable for long-term tenancy.
The portfolio features three distinct historic brick and character buildings constructed in 1911, 1925, and 1927, showcasing timeless architecture and the craftmanship characteristic of Tacoma's early 20th century multifamily development. The Dreher Apartments (23 units) were built in 1925, the Hillcrest Apartments (19 units) were built in 1911, and the Brown Apartments (11 units) were built in 1927. These buildings feature spacious floor plans, classic architectural details, and strong structural construction, providing investors with durable long-term assets in a supply constrained neighborhood.
Having been held by the same ownership for more than five decades, the portfolio offers investors the opportunity to acquire well maintained assets with significant operational upside. A new owner has the ability to implement interior renovations, modernize common areas, and optimize rents to align with current market levels, while preserving the historic character that continues to attract tenants to the neighborhood.
With direct adjacency to Wright Park, one of Tacoma's most beloved green spaces, and nestled within the highly sought-after Stadium District, this portfolio is positioned within minutes of Downtown Tacoma, the medical corridor, and major transportation routes. This offering presents investors with the opportunity to control a significant multifamily footprint in one of Tacoma's most established and high-barrier-to-entry neighborhoods.
This first time to market portfolio since the 1970s provides a compelling combination of historical charm, irreplaceable location, stable tenancy, and long-term value creation potential in one of the Puget Sound regions most vibrant and evolving urban markets.
Positioned along the park's edge, these classic Tacoma apartment buildings benefit from unobstructive park views, mature tree-lined surroundings, and immediate access to the walkability and lifestyle amenities of the Stadium District and Downtown Tacoma. Residents enjoy proximity to local restaurants, coffee shops, medical centers, transit, and waterfront attractions, making the location highly desirable for long-term tenancy.
The portfolio features three distinct historic brick and character buildings constructed in 1911, 1925, and 1927, showcasing timeless architecture and the craftmanship characteristic of Tacoma's early 20th century multifamily development. The Dreher Apartments (23 units) were built in 1925, the Hillcrest Apartments (19 units) were built in 1911, and the Brown Apartments (11 units) were built in 1927. These buildings feature spacious floor plans, classic architectural details, and strong structural construction, providing investors with durable long-term assets in a supply constrained neighborhood.
Having been held by the same ownership for more than five decades, the portfolio offers investors the opportunity to acquire well maintained assets with significant operational upside. A new owner has the ability to implement interior renovations, modernize common areas, and optimize rents to align with current market levels, while preserving the historic character that continues to attract tenants to the neighborhood.
With direct adjacency to Wright Park, one of Tacoma's most beloved green spaces, and nestled within the highly sought-after Stadium District, this portfolio is positioned within minutes of Downtown Tacoma, the medical corridor, and major transportation routes. This offering presents investors with the opportunity to control a significant multifamily footprint in one of Tacoma's most established and high-barrier-to-entry neighborhoods.
This first time to market portfolio since the 1970s provides a compelling combination of historical charm, irreplaceable location, stable tenancy, and long-term value creation potential in one of the Puget Sound regions most vibrant and evolving urban markets.
Property Facts
| Sale Type | Investment or Owner User | Individually For Sale | 0 |
| Status | Active | Total Building Size | 44,159 SF |
| Number of Properties | 3 | Total Land Area | 0.39 AC |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 44,159 SF |
| Total Land Area | 0.39 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Hillcrest Apartments
423 S G St, Tacoma, WA 98405 |
Multifamily | 18,696 SF | 1911 | - |
|
Dreher Apartments
523 S G St, Tacoma, WA 98405 |
Multifamily | 16,100 SF | 1925 | - |
|
Brown Apartments
502 S I St, Tacoma, WA 98405 |
Multifamily | 9,363 SF | 1927 | - |
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