Seattle, Wash. (April 9, 2018) - Premier Residential, a Tacoma based real estate property investment, acquisition, and management firm that focuses on revitalizing underperforming properties, has purchased the Merkle Hotel for $1,043,000. Kidder Mathews' multifamily investment broker, Brian Richardson, represented Premier Residential in the transaction.
The Merkle Hotel is located at 2405 Pacific Avenue in Tacoma, Washington, in the heart of the Tacoma Brewery District and it will be a part of the long-term revitalization of the area. The buyer plans to retrofit and modernize the building. The units will become micro-units with full bathrooms and small kitchens to serve the student population of nearby UW Tacoma.
The three-story building was built as a hotel in 1912. The previous owner converted it to single room occupancy units in the early 1980's.
"We are very excited about this project because it will contribute to the great changes happening in that neighborhood, and serves our mission and commitment to preserve and repurpose old historic properties in the city," said Eli Moreno, owner of Premier Residential.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 50 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.