Lakewood property selloff over 2 years clears way for housing | Tacoma News Tribune

Berkadia's announcement highlights the successful selloff of nearly 30 parcels in Lakewood, generating over $9. 1 million for the local real estate market. These parcels were strategically acquired by an LLC affiliated with Steve Borman, CEO of Keystone Masonry, Inc. , with plans for multifamily housing development. Located near Lakewood Station, the properties are attractive due to their transit accessibility.

Despite a slow development market, there is strong demand for well-located sites, as noted by Berkadia's managing director, Mitchell Belcher. The developments are expected to yield hundreds of units across 8. 8 acres, addressing significant housing needs in the region. Key projects include Lakewood Station Apartments, Lakewood Apartments, and Kendrick Townhomes, offering a mix of affordable and market-rate units. Borman expressed excitement for the area's transformation, while Berkadia aims to maximize the value and impact of these developments.

This strategic investment underscores Lakewood's potential as a growing residential community and reflects a broader trend of urban development near transit hubs.