Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the exclusive listing broker for the sale of The Terrace Apartments, a 191-unit multifamily community overlooking the Foster Links Golf Course in Tukwila, Washington. The Terrace presents investors with an attractive opportunity to acquire a well-maintained multifamily asset with substantial upside within the Seattle MSA.

The Terrace offers exceptional regional connectivity with convenient access to Interstates 5 and 405, providing efficient travel throughout the Puget Sound region, including Downtown Seattle, Bellevue, the Kent Valley industrial corridor, and Seattle-Tacoma International Airport. Residents also benefit from proximity to Link Light Rail via the Tukwila International Boulevard Station, located within two miles of the property and served by regional Sound Transit and King County RapidRide bus lines, offering convenient access throughout the region. Additionally, the property is ideally situated near major retail and lifestyle amenities, including Westfield Southcenter, one of Washington’s premier shopping destinations featuring more than 200 retailers, restaurants, and entertainment venues located just minutes away.

Value-Add Opportunity

Approximately 15% of homes have been fully renovated, while the majority of unit interiors maintain classic finishes, providing a clear value-add opportunity through a comprehensive renovation program. Surrounding communities are achieving rental premiums of approximately $450 per month over The Terrace’s current in-place rents, supporting the potential for continued revenue growth through interior upgrades.

Proximity to Parks & Amenities

Surrounded by parks and greenspace, The Terrace is just steps from Foster Memorial Park and overlooks Foster Links Golf Course. Southcenter Mall, one of the region’s largest shopping destinations, is located within three miles and offers a wide variety of shopping, dining, and entertainment options.

Balanced Unit Mix with Large Floor Plans

Attractive mix of studio, one-, and two-bedroom floor plans averaging a spacious ±745 square feet. Units feature large living rooms and bedrooms, along with ample storage space including linen closets, walk-in closets in select homes, and additional exterior storage closets. Studio units can easily be converted to open one-bedroom layouts, appealing to a broader renter demographic.

Easy Access to Major Employment Centers

Convenient access to Interstates 5 and 405 provides connectivity to Downtown Seattle, Bellevue, Renton, and Kent Valley, all within approximately 10 to 30 minutes. Major nearby employers include Alaska Airlines, Amazon, Boeing, the Federal Aviation Administration, and Seattle-Tacoma International Airport.

Long-Term Pride of Ownership

Owned and carefully maintained by long-term ownership, The Terrace has benefited from consistent upkeep and a strong pride of ownership throughout the property. The community presents well with mature landscaping, well-maintained common areas, and operational stability that provides an excellent foundation for future improvements.