value-add opportunity on the campus of PLU in Tacoma

Kidder Mathews is pleased to have the exclusive listing for the Oliver Apartments, a 48-unit multifamily property located directly on the campus of Pacific Lutheran University (PLU), in Parkland, WA.

Built in 1968 and containing mostly classic finishes - the Oliver provides a clear value-add pathway through targeted interior renovations, including updated kitchens, bathrooms, flooring, and the addition of modern amenities tailored to existing tenant base and/or rebranded as student housing community. These improvements position the property to capture significant rent premiums, unlocking substantial gains in net operating income.

In addition to its on-campus location, the property offers excellent walkability to university services, neighborhood retail, and daily conveniences, while also being strategically positioned near Pacific Avenue. The area will soon benefit from the planned Bus Rapid Transit (BRT) line, providing direct, high-frequency transit connections to Downtown Tacoma and the greater region — a long-term demand driver for both student and workforce housing.

The Oliver is a well-maintained building boasting a brand-new roof and efficient unit layouts, the building represents a high-quality foundation for renovations with limited deferred maintenance risk. Its design, location, and functionality make it well-suited to support both existing tenant base and potential student housing demand.