Investment Highlights
- Rare 10+ Acre Development Site: Situated on ±16.8 acres with ±10.25 acres of developable land with protected wetlands in Tacoma's Parkland neighborhood.
- Urban Corridor Zoning: The Urban Corridor Zone (UCOR) allows for the development of high-density multifamily residential housing, with a density of 24 – 60 units per acre.
- Attractive Regulatory Environment: Located in unincorporated Pierce County, the property is not subject to the 2023 Landlord Fairness Code Initiative, also known as Measure 1. MFTE opportunity.
- Attractive Location in South Puget Sound: Convenient accessibility to State Route 512 and Interstate 5 offering easy commutes to major employment centers in Pierce County, downtown Tacoma, Kent Valley, SeaTac, Renton, and Seattle.
- Strong Demographics & Rent Growth: Average household income of $83,944 within one mile with anticipated growth of 18% by 2028. Pierce County has experienced an average annual rent growth of 5.85% since 2019.
- Limited Submarket Supply: Lack of current and future developments positions the Parkland submarket for substantial rent growth potential. As of January 2025, only 493 multifamily units are under construction in South Pierce County, with no market-rate units actively under construction in the Parkland- Spanaway submarket.
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