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The Walker Sells to Seattle Investment Group
Another piece of downtown Tacoma real estate is on the move. The News Tribune reports that The Walker, at 6th and St. Helens is being purchased buy Seattle-based Ethos Property Group for $3.75 million.
The crashing housing market put the conversion of its upper floors to condos on hold. Only a handful were completed and rented as apartments. The rest have been sitting empty.
According to the TNT, the new plan is to finish and rent the rest of the units. Maxwell’s, which has been the first floor anchor of the building since 2007 with a great bar, live music nights, and an excellent menu, will be staying put. Ethos doesn’t intend to flip the building; the group plans on holding it as a long-term investment in Tacoma.
$3.75 million for a building the previous owners lost with $12 million in debts? Sounds like a bargain.
Read more from the TNT.
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