{"id":1470,"date":"2018-11-07T17:53:14","date_gmt":"2018-11-07T17:53:14","guid":{"rendered":"http:\/\/mconstruction.wpengine.com\/?p=1470"},"modified":"2018-11-07T17:54:57","modified_gmt":"2018-11-07T17:54:57","slug":"first-phase-of-point-ruston-sold-to-california-based-real-estate-company","status":"publish","type":"post","link":"https:\/\/mcconstruction.com\/?p=1470","title":{"rendered":"First phase of Point Ruston sold to California-based real estate company"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: #ffffff;background-position: center center;background-repeat: no-repeat;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom: 0px;margin-top: 0px;border-width: 0px 0px 0px 0px;border-color:#eae9e9;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"margin-top:0px;margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><h2>Add Point Ruston to the skyrocketing real estate market frenzy in Tacoma.<\/h2>\n<p><em>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\u00a0<a href=\"https:\/\/www.cwscapital.com\/\" target=\"_blank\" rel=\"noopener\">CWS Capital Partners<\/a>\u00a0of Newport Beach, Calif.<\/em><\/p>\n<blockquote>\n<p>The company on its website describes itself as \u201ca fully integrated real estate investment management company specializing in the acquisition, development, repositioning, and management of luxury apartment communities in fast growing American cities.\u201d<\/p>\n<p>The company\u2019s website says it has \u201cconsiderable presence\u201d in Texas\u2019 major cities and elsewhere, including Atlanta, Denver, Charlotte and Raleigh, N.C., Sacramento, Seattle and Phoenix.<\/p>\n<\/blockquote>\n<\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:12px;margin-bottom:12px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-text fusion-text-2\"><p>Point Ruston developer Loren Cohen told The News Tribune on Tuesday it\u2019s a testament to Tacoma\u2019s booming housing market.<\/p>\n<blockquote>\n<p>\u201cIt\u2019s a sign of the times of where the real estate market is in and the cycle we\u2019re in,\u201d Cohen said.<\/p>\n<\/blockquote>\n<p>The sale was completed at the end of September.<\/p>\n<h3><strong>Copperline Apartments, 5005 Main St., sold for $62 million. Copperline has 173 units.<\/strong><\/h3>\n<p>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.<\/p>\n<p>Not included in the sale, among other properties there, is Point Ruston\u2019s cinema, which<\/p>\n<blockquote>\n<p>\u201cremains part of the overall retail holdings,\u201d according to Cohen.<\/p>\n<\/blockquote>\n<\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:10px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><style>.mcclatchy-embed{position:relative;padding:40px 0 56.25%;height:0;overflow:hidden;max-width:100%}.mcclatchy-embed iframe{position:absolute;top:0;left:0;width:100%;height:100%}<\/style><div class=\"mcclatchy-embed\"><iframe src=\"https:\/\/www.thenewstribune.com\/news\/local\/article199729959.html\/video-embed\" width=\"640\" height=\"400\" frameborder=\"0\" allowfullscreen=\"true\"><\/iframe><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:10px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-text fusion-text-3\"><h3>Cohen, for his part, is focused on the ever-developing site\u2019s future.<\/h3>\n<blockquote>\n<p>\u201cWe\u2019re so goal oriented &#8230; it\u2019s a payday for the project to accelerate and reinvest in 925 units we\u2019re building and our\u00a0<a href=\"https:\/\/www.pointruston.com\/category\/public-market\/\" target=\"_blank\" rel=\"noopener\">public market<\/a>,\u201d he said.<\/p>\n<\/blockquote>\n<p>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\u2019s just started (\u201cGoing vertical next week,\u201d he added), a<a href=\"https:\/\/www.thenewstribune.com\/news\/business\/article167183112.html\" target=\"_blank\" rel=\"noopener\">\u00a0159-unit r<\/a>retirement community in the works and the\u00a0<a href=\"https:\/\/www.thenewstribune.com\/news\/business\/article152878789.html\" target=\"_blank\" rel=\"noopener\">194-room Silver Cloud hotel.<\/a><\/p>\n<p>Cohen sees the sale as another success story for Tacoma, as the site has come a long way from its\u00a0<a href=\"https:\/\/www.pointruston.com\/construction-under-way-at-tacoma-superfund-site\/\" target=\"_blank\" rel=\"noopener\">original Superfund designation<\/a>.<\/p>\n<blockquote>\n<p>\u201cWe\u2019re in such a great upswing, and this sale reflects riding this great wave of this economy and this city.\u201d<\/p>\n<\/blockquote>\n<p>The sale was first reported Tuesday in Puget Sound real estate blog\u00a0<a href=\"https:\/\/news.theregistryps.com\/cws-capital-partners-spends-combined-101-3mm-for-several-residential-commercial-properties-at-point-ruston-in-tacoma\/\" target=\"_blank\" rel=\"noopener\">The Registry.<\/a><\/p>\n<h6 class=\"ng_endnote_contact\">Debbie Cockrell: 253-597-8364, @Debbie_Cockrell<\/h6>\n<\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator\" style=\"margin-left: auto;margin-right: auto;width:100%;max-width:206px;\"><div class=\"fusion-separator-border sep-single\" style=\"border-color:#eaae3e;border-top-width:2px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:10px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-text fusion-text-4\"><h6>By <a href=\"dcockrell@thenewstribune.com\" target=\"_blank\" rel=\"noopener\">DEBBIE COCKRELL\u00a0<\/a>|\u00a0TNT |\u00a0<a href=\"https:\/\/www.thenewstribune.com\/news\/local\/article219407330.html\"><span id=\"publish_date\">October 03, 2018 09:46 AM\/<\/span><span id=\"update_date\">Updated October 03, 2018 09:01 AM<\/span><\/a><\/h6>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1470","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mcconstruction.com\/index.php?rest_route=\/wp\/v2\/posts\/1470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcconstruction.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcconstruction.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcconstruction.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mcconstruction.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1470"}],"version-history":[{"count":0,"href":"https:\/\/mcconstruction.com\/index.php?rest_route=\/wp\/v2\/posts\/1470\/revisions"}],"wp:attachment":[{"href":"https:\/\/mcconstruction.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcconstruction.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcconstruction.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}