Tacoma Multi-family Apartment investing

[Peter Grote]

I've been investing in SFRsin Tacoma for buy and holds and am looking into moving in multifamily. I'm looking for someone to bounce a few questions off re the Tacoma market in particular. I've seen someone's name come up a few times in the Tacoma forums but unfortunately can't recall who that is. If anyone knows or has recent experience w/ Tacoma apartments please let me know. Thanks

[Steve Abercrombie]

I'm interested in Tacoma Multi-Family and would love to hear other investors opinions about the Tacoma market. I currently own a duplex in the central area and am actively seeking to acquire multi-family properties from duplex to small apartment complexes.

I have been seeking units mainly in the Central area (around 6th south), Proctor, and the north end. I still see those as the most attractive areas for a balance of value, rental demand, and appreciation potential. I have looked at a lot of units on the south end, cashflow is decent, but the renter pool and long-term appreciation / demand are less attractive to me.

I'm also really curious what folks think about multi-family in the Hilltop area. A lot of investors are rehabbing places and commanding premium rents and seeing what look to be strong returns via BRRR. With the announcement of a major upper market apartment complex coming in, are they concerned about that approach over the next couple of years?

UPS just announced a new shipping facility with several hundred jobs in Tacoma. That is another plus in the market. I'm targeting middle-income properties with strong cashflow (1% rule as a guide) with one exit plan to be rehabbing up market or preparing for sale to a turnkey/retail investor.