Kidder Mathews Arranges Sale of 102-Unit Multifamily Development Site in Puyallup, WA
Kidder Mathews has arranged the sale of Addison Grove, a 102-unit multifamily development site located at 17753 78th Avenue East in Puyallup, Washington, the firm announced April 15. The buyer, Great Expectations SPC, is a Social Purpose Corporation with a focus on delivering affordable housing targeted to families within the local community.
Dylan Simon, JD Fuller, and Elijah Piper of the firm's Simon | Anderson Multifamily Team represented the seller and procured the buyer in the transaction. The sale price was not disclosed.
A Shovel-Ready Site in a Supply-Constrained Submarket
Addison Grove is described as a shovel-ready development opportunity positioned within one of the Puget Sound's most actively growing suburban corridors. The Puyallup-Frederickson submarket has seen limited new multifamily supply delivered in recent periods, creating conditions that the brokerage team says support strong lease-up fundamentals from the outset of the project.
The site benefits from proximity to an expanding employment base that includes major industrial and logistics tenants, healthcare facilities, and Joint Base Lewis-McChord (JBLM). Direct access to Highway 512 and SR-167 provides commuter connectivity to Tacoma, Puyallup, and the broader I-5 corridor.
"Puyallup and Frederickson have quietly become one of the most compelling development targets in the South Sound," said Dylan Simon, Executive Vice President at Kidder Mathews. "The combination of an expanding employment base, constrained supply, and a proven renter demographic makes Addison Grove an exceptional canvas for a well-capitalized developer."
Affordable Housing Focus Drives Acquisition
The purchaser, Great Expectations SPC, operates as a Social Purpose Corporation with a focus on delivering affordable housing targeted to families within the local community. Frederickson sits at the southeastern edge of Pierce County's primary growth corridor. According to Kidder Mathews, the submarket has experienced accelerating in-migration from renters priced out of core Seattle and Tacoma markets, supporting above-average rent growth and low vacancy across existing multifamily inventory.
Simon | Anderson Multifamily Team Leads Transaction
The deal was brokered by the Simon | Anderson Multifamily Team at Kidder Mathews, led by Dylan Simon and Jerrid Anderson. The team of 12 brokerage professionals specializes in the sale and purchase of apartment buildings and development land across Washington State, handling transactions ranging from $1 million to more than $100 million.
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with more than 900 professionals across 19 offices in Washington, Oregon, California, Nevada, and Arizona. The firm averages $9 billion in annual transaction volume, manages 54 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments each year.