Add Point Ruston to the skyrocketing real estate market frenzy in Tacoma.
The first developed phase of Point Ruston, which includes the Copperline and Century apartments (268 units total) and various properties that now house businesses or restaurants, has sold for nearly $101.3 million to CWS Capital Partners of Newport Beach, Calif.
The company on its website describes itself as “a fully integrated real estate investment management company specializing in the acquisition, development, repositioning, and management of luxury apartment communities in fast growing American cities.”
The company’s website says it has “considerable presence” in Texas’ major cities and elsewhere, including Atlanta, Denver, Charlotte and Raleigh, N.C., Sacramento, Seattle and Phoenix.
Point Ruston developer Loren Cohen told The News Tribune on Tuesday it’s a testament to Tacoma’s booming housing market.
“It’s a sign of the times of where the real estate market is in and the cycle we’re in,” Cohen said.
The sale was completed at the end of September.
Copperline Apartments, 5005 Main St., sold for $62 million. Copperline has 173 units.
Five properties were listed in a separate, $39.25 million transaction with CWS, bundled with Century Apartments and its 95 units. Those sites include 5051 and 5061 Main St., and 5105, 5111 and 5115 Grand Loop.
Not included in the sale, among other properties there, is Point Ruston’s cinema, which
“remains part of the overall retail holdings,” according to Cohen.
Cohen, for his part, is focused on the ever-developing site’s future.
“We’re so goal oriented … it’s a payday for the project to accelerate and reinvest in 925 units we’re building and our public market,” he said.
With a time line for the rest of its plans now at three to five years, Point Ruston has a lot in its pipeline. Cohen went through the list: two condo buildings (Baker at 166 units and the Rainier at 206 units) as well as a 200-unit apartment site that’s just started (“Going vertical next week,” he added), a 159-unit rretirement community in the works and the 194-room Silver Cloud hotel.
Cohen sees the sale as another success story for Tacoma, as the site has come a long way from its original Superfund designation.
“We’re in such a great upswing, and this sale reflects riding this great wave of this economy and this city.”
The sale was first reported Tuesday in Puget Sound real estate blog The Registry.