Local landlord who owned historic Stadium apartments since the 1970s sells portfolio to Blackrock Communities NW
Three apartments in the Stadium neighborhood, the Dreher Apartments, Hillcrest Apartments, Brown Apartments, were owned by Larry and Carol Else, since the 1970s. The Else's live in Lakewood. They decided to sell the three apartment buildings to the large real estate conglomerate, Blackrock Communities.
The tenants have formed a tenants union and are currently waging war against their new corporate owner.
Gee, I wonder why a local longtime property owner would chose to sell their properties to a huge corporate entity? Could it be because of all the new landlord laws in Tacoma? Nah, that's not the reason, right?
Per the tenant unions' post below, Blackrock plans to kick everyone out, renovate the apartments, and then jack up the rent. "Forced appreciation" in real estate parlance.
Expect to a see a lot more local landlords selling to corporate landlords in the coming years. Larger corporate landlords have attorneys to help them deal with all of Tacoma's laws and are willing to accept the risk of renting in Tacoma as their large portfolio offers a hedge to those risks.
https://www.loopnet.com/Listing/Wright-Park/40217476/
https://atip.piercecountywa.gov/app/v2/propertyDetail/2004130040/summary
https://atip.piercecountywa.gov/app/v2/propertyDetail/6385000330/summary
Posted Sep 12, 2026, 2:25 AM UTC