Notch8 & Aero

Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the exclusive listing broker for the sale of the Notch 8 and Aero apartments, two multifamily communities located across the street from one another with a combined 314 apartment homes in Tacoma, Washington. Notch8 and Aero offer excellent access to Interstate 5, providing convenient connections to some of the South Puget Sound’s largest employers. Built in 1986 and 1982, respectively, these well-maintained assets feature units ideally suited for upgrades, presenting a value-add opportunity for an incoming investor. The assets can be purchased together as a portfolio or on an individual basis.

Notch8 consists of three-story walkup buildings and features a refreshingly bright and cozy resident clubhouse with a leasing office and lounge area for the use of residents, complete with a pool table, shuffleboard, full-size kitchen, and TV area. The lounge area connects to a resident gym that is fully equipped with top-of-the line cardio equipment, free weights, and a cable machine. The gym features a large roll-up garage door that opens out onto the pool deck allowing residents to enjoy an indoor-outdoor experience in the summer months. The pool area is open from Memorial Day to Labor Day and is a great place to residents to relax and enjoy the pleasant weather. The property also features a playground for children, as well as a quiet landscaped courtyard perfect for walking pets.

Aero sits on the other side of the street and features two-story walkup buildings surrounded by a ring of two-story four-plex buildings. The property boasts a covered cabana fronting the pool deck which includes grills stations for the enjoyment of residents. The clubhouse includes a leasing office, pool table, full-size kitchen, and package lockers. Connected to the clubhouse is the resident fitness center with cardio equipment and free weights. The property also has a playground for children and has both carports and garages offered for rent to residents.

Executive Highlights

Portfolio or Individual Acquisition Opportunity

Notch8 (126 units) and Aero (188 units) are located directly across the street from one another and can be acquired together or separately, offering investors flexibility in check size as well as the opportunity to achieve immediate scale with a combined 314 units.

Compelling Value-Add Upside

Both assets present the opportunity to capture meaningful rental premiums through interior renovations, with the ability to align unit finishes with competing properties in the submarket where renovated units are achieving substantial premiums for higher tier renovations.

Attractive Basis with Clear Exit Upside

Both assets can be acquired at a basis below replacement cost and recent comparable sales, providing investors the opportunity to generate strong returns and exit at pricing levels already being achieved in the current market.

Well-Designed, Livable Floor Plans

Notch8 and Aero offer a diverse mix of one-, two-, and three-bedroom homes with an average size of ±822 square feet, featuring functional layouts that appeal to a broad tenant base.

Excellent Connectivity with Immediate Access to I-5

Both assets are less than 5 minutes away from onramps to I-5 Northbound and Southbound, offering residents easy commuter access to major employment centers in Tacoma, Seattle, Bellevue, the Kent Valley, and Olympia.

Proximity to Port of Tacoma Expansion

The properties are well positioned to benefit from the current expansion of the Port of Tacoma, which is investing significantly in infrastructure to accommodate larger vessels and further solidify its role as a premier West Coast port. The Port currently handles more container volume than the Port of Seattle.

Notch8 Community Amenities

Central leasing office
Resident clubhouse with entertaining kitchen, lounge area, pool table, and shuffleboard
Fitness center with cardio equipment and free weights
Outdoor seasonal pool and sundeck
Expansive covered BBQ area with outdoor dining and seating areas
Children’s playground
Carports available for lease